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Bitcoin rebounded from a midweek dip to around $75,500 and climbed back above $78,000 by Saturday morning in Asia, as a Senate stablecoin yield compromise removed a key roadblock to crypto market-structure legislation.
The largest cryptocurrency traded at $78,180 in Asian hours Saturday, up 0.8% on the week. It recovered from a Wednesday low near $75,500, which followed fresh reports of Iran military escalation.
The rebound also came after Friday’s reports that Tehran relayed a new ceasefire proposal to Washington through Pakistan, a development that pushed WTI crude down nearly 3% to around $102 a barrel.
U.S. stocks posted another strong week. The S&P 500 closed 0.3% higher Friday at an all-time high, marking a fifth straight weekly gain. The Nasdaq 100 rose 0.9% to its own record.
Apple gained 3.2% after a better-than-expected revenue outlook, while Oracle climbed 6.5% after news it had joined AI firms working with the Pentagon’s classified networks.
A major development for crypto came on the policy side. The Senate released the long-negotiated Clarity Act compromise text Friday, ending months of negotiations between crypto firms and bank lobbyists.
The agreement, negotiated by Senators Thom Tillis and Angela Alsobrooks, would bar stablecoin issuers from paying yield based purely on holding reserves. It would, however, preserve activity-based reward programs structured as incentives for using crypto platforms.
Coinbase signaled support immediately. Chief Legal Officer Paul Grewal said 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 markup—where the bill is formally debated and amended—can now proceed. The text also sets a timeline for detailed rules: Treasury and the CFTC would have a year after the bill becomes law to write what crypto firms can and cannot do with yield products.
Daniel Reis-Faria, CEO of ZeroStack, said in a note that bitcoin’s range-bound trading reflects broader macro indecision rather than crypto-specific weakness.
“Bitcoin staying below the $78,000 mark isn't really about crypto right now, it's about what's happening in the broader market. The Fed holding rates wasn't a surprise, but there is no clear direction on what comes next, and that's keeping investors from stepping in.”
Reis-Faria pointed to ETF outflows and softer demand as symptoms, adding that it does not necessarily indicate institutions are leaving the market—only that they are not increasing exposure at present. He said bitcoin could move higher quickly if money returns, particularly from institutions or through ETFs.
Other major tokens were mixed and mostly steady on the week. Ether held $2,310, XRP was at $1.39, and solana traded around $84.57, all close to flat.
Dogecoin was the standout, up nearly 10% on the week to $0.105. Futures open interest hit a year-high earlier in the week.
Heading into next week, the setup remains the same: bitcoin needs a fresh catalyst to break decisively above $78,000. The article cited potential drivers including Fed clarity, ETF re-acceleration, or a Hormuz reopening, noting these factors sit outside the market’s control.
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