The S&P 500 just closed at another all-time high, while bitcoin rose back to the $80,000 level on Saturday.
The largest cryptocurrency traded at $78,180 in Asian time on Saturday, up 0.8% on the week and recovering from a Wednesday low near $75,500 that came in the wake of fresh reports of military escalation by Iran. The bounce came alongside reports on Friday that Tehran had conveyed a new ceasefire proposal to Washington through Pakistan, causing WTI crude to fall nearly 3% to around $102 a barrel.
Stocks had a much better week. The S&P 500 closed up 0.3% on Friday at a record high, marking a fifth consecutive weekly gain thanks to strong gains in tech mega-caps.
The Nasdaq 100 advanced 0.9% to reach its own record. Apple gained 3.2% following a better-than-expected revenue outlook. Oracle rose 6.5% following news that it had joined the list of artificial intelligence companies working with the Pentagon’s classified networks.
A big crypto development occurred on the political side.
The Senate released the long-negotiated compromise text of the Clarity Act on Friday, ending months of negotiations between crypto companies and banking lobbyists. The deal, crafted by Senators Thom Tillis and Angela Alsobrooks, would prohibit stablecoin issuers from offering returns based solely on holding reserves, but preserves activity-based rewards programs that crypto companies structure as incentives for use of their platforms.
Coinbase, which had been at the center of the talks, immediately expressed support, with chief legal officer Paul Grewal stating that the language “preserves activity-based rewards tied to actual participation in crypto platforms and networks, which is what the banking lobby said they wanted.”
One meeting, the Senate Banking Committee hearing where the bill is formally debated and amended, can now proceed and paves the way for the legislation to advance further in the Senate. The Treasury and CFTC would have a year after the bill becomes law to draft detailed rules on what crypto companies can and cannot do with yield products.
Meanwhile, Daniel Reis-Faria, CEO of ZeroStack, said in a note that bitcoin’s range-bound trading reflects broader macro indecision rather than specific crypto weakness.
“Bitcoin staying below the $78,000 mark doesn’t really have to do with cryptocurrencies right now, but rather what’s happening in the broader market. The Fed holding rates wasn’t a surprise, but there’s no clear direction on what comes next, and that’s keeping investors from intervening.”
Reis-Faria pointed to outflows of ETF funds and lower demand as symptoms. “It doesn’t mean institutions are leaving the market, it just means they aren’t increasing their exposure right now. If money starts coming back, especially from institutions or through ETFs, Bitcoin can go up pretty quickly.”
Other specialties were mixed. Ether held at $2,310, XRP at $1.39, and Solana at $84.57, all nearly flat for the week. Dogecoin was the standout, up nearly 10% on the week to $0.105 and futures open interest hit a year-high earlier in the week.
The configuration for next week is the same that has been maintained throughout the month. Bitcoin needs a new catalyst to decisively break above $78,000, and the most likely sources – Fed clarity, ETF reacceleration, or Hormuz reopening – are outside the market’s control.
