The S&P 500 achieved a new record high, while Bitcoin made a notable attempt to reach the $80,000 mark earlier on Saturday. The largest cryptocurrency traded at $78,180 during Asian hours, marking a 0.8% weekly increase and recovering from a Wednesday low near $75,500, which was triggered by reports of fresh military escalation in Iran.
The subsequent rebound coincided with Friday's news that Tehran had proposed a new ceasefire to Washington via Pakistan, resulting in a nearly 3% decline in WTI crude to approximately $102 per barrel. Equities experienced a stronger week, with the S&P 500 closing 0.3% higher on Friday to set an all-time high, driven by robust earnings from tech mega-caps. The Nasdaq 100 advanced 0.9% to reach its own record, with Apple gaining 3.2% after exceeding revenue expectations and Oracle climbing 6.5% following the announcement of its collaboration with the Pentagon's classified networks.
A significant development in the crypto sector was the policy breakthrough. The Senate released the long-awaited Clarity Act compromise text on Friday, concluding months of negotiations between cryptocurrency firms and bank lobbyists.
The agreement, brokered by Senators Thom Tillis and Angela Alsobrooks, prohibits stablecoin issuers from offering yield solely based on holding reserves but preserves reward programs tied to actual participation on crypto platforms. Coinbase, a central figure in the negotiations, expressed immediate support, with Chief Legal Officer Paul Grewal stating that the language 'preserves activity-based rewards tied to real participation on crypto platforms and networks, which is what the bank lobby said they wanted.' The Senate Banking Committee can now proceed with a markup, formally debating and amending the bill, which paves the way for the legislation to advance further in the Senate. The Treasury and the CFTC will have a year to establish detailed rules governing what cryptocurrency firms can and cannot do with yield products after the bill becomes law. Meanwhile, Daniel Reis-Faria, CEO of ZeroStack, noted that Bitcoin's range-bound trading reflects broader macro uncertainty rather than crypto-specific weakness.
Reis-Faria attributed this to ETF outflows and softer demand, stating, 'It doesn't mean institutions are leaving the market, it just means they're not increasing their exposure right now. If money starts coming back in, especially from institutions or through ETFs, Bitcoin can move higher pretty quickly.' Other major cryptocurrencies were mixed, with Ether holding at $2,310, XRP at $1.39, and Solana at $84.57, all remaining relatively flat for the week.
Dogecoin stood out, gaining nearly 10% to $0.105, with futures open interest reaching a year-high earlier in the week. The setup heading into the next week remains unchanged from the past month, with Bitcoin requiring a fresh catalyst to break decisively above $78,000. The most likely sources of such a catalyst, including Fed clarity, ETF re-acceleration, or a Hormuz reopening, remain outside the market's control.