Bitcoin Stays Above $78,000 After U.S. Senate Clears Key Clarity Act Hurdle; S&P 500 Sets New Record
Bitcoin steadied above $78,000 on Saturday as a landmark regulatory breakthrough in Washington and a buoyant week on Wall Street lifted sentiment across digital asset and equity markets alike.
The world’s largest cryptocurrency traded at $78,180 during Asian hours on Saturday, recovering from a midweek low near $75,500 triggered by fresh reports of Iranian military escalation, and posting a 0.8% gain on the week.
Senate Clears the Stablecoin Yield Dispute
The week’s most significant development for crypto came from Capitol Hill. The Senate released compromise text for the Digital Asset Market Clarity Act, the product of months of negotiations between the crypto and banking industries facilitated by the White House and Senators Thom Tillis (R-N.C.) and Angela Alsobrooks (D-Md.).
The compromise prohibits stablecoin issuers from offering yield on deposits where that yield is the functional or economic equivalent of bank offerings, while preserving activity-based reward programs that crypto firms structure as incentives for platform engagement. Coinbase CEO Brian Armstrong welcomed the development publicly, posting a two-word directive on X: “Mark it up.”
The breakthrough is widely seen as clearing the path for a Senate Banking Committee markup session, a critical procedural step toward full Senate consideration of the bill.
Stocks Log Another Record Week
U.S. equity markets had a strong week, with the S&P 500 closing 0.3% higher on Friday at a fresh all-time high, its fifth consecutive weekly gain. The Nasdaq 100 advanced 0.9% to its own record, propelled by standout earnings from big tech.
Apple gained 3.2% following a better-than-expected revenue outlook, while Oracle surged 6.5% on news it had joined the roster of AI firms working with the Pentagon’s classified networks.
What’s Next for Bitcoin
Despite the positive backdrop, analysts noted that Bitcoin still lacks the decisive catalyst needed to break convincingly higher. The key potential triggers, Federal Reserve policy clarity, a re-acceleration in ETF inflows, or a reopening of the Strait of Hormuz amid geopolitical tensions, all remain outside the market’s immediate control.
On the regulatory front, Galaxy Research estimated the odds of the Clarity Act being signed into law in 2026 at roughly 50-50 or lower, citing the sheer number of unresolved questions that must still be settled sequentially under severe time pressure.
The Bigger Picture
Bitcoin has rallied roughly 10% over the past two weeks but remains approximately 38% below its October 2025 peak, even as the S&P 500 has pushed to new all-time highs. Market watchers continue to monitor the Federal Reserve leadership transition, with Fed Chair Jerome Powell’s term set to expire on May 15 and Trump’s nominated successor Kevin Warsh seen as broadly crypto-friendly.
