Weekly Review: Bitcoin on the swings, Russia's Supreme Court recognizes cryptocurrency as an object of theft, and MiCA pushes unlicensed players out of the EU
The past week was extremely eventful, ranging from macroeconomic triggers to regulatory shifts. Bitcoin once again demonstrated high volatility, reacting to geopolitical news and Fed actions, while the Russian judicial system made an important step in recognizing cryptocurrencies, and the European regulator tightened requirements for market participants.
Bitcoin: from $67,000 to $62,000 and back
The week began with a sharp jump in the price of the first cryptocurrency. From levels around $64,000, Bitcoin soared to a local high of $67,278 amid news of a possible truce between the US and Iran. However, as often happens, euphoria quickly gave way to a correction due to lingering disagreements between the parties and weak demand from institutional investors.
The key event was the US Federal Reserve meeting led by Kevin Warsh. The regulator kept the rate at 3.5-3.75%, but the head of the agency allowed for the possibility of raising it by the end of the year. This statement triggered a break below the $64,000 level on Thursday. The culmination came on Friday, when Bitcoin fell to $62,000 due to new uncertainty in the Middle East — the US Vice President postponed a trip for negotiations. However, by the weekend, the market had recovered its losses: the American delegation eventually departed, and cheaper oil redirected capital into risky assets, bringing BTC back above $64,000.
As a result, on a weekly basis, the price of Bitcoin remained virtually unchanged, allowing altcoins to show more impressive dynamics: Solana gained 8.6%, Ethereum — 3.5%, and the Hyperliquid token rose by nearly 12%. Nevertheless, the fundamental picture remains troubling: spot Bitcoin ETFs recorded a record six-week outflow of $5.43 billion, and the total capital volume in these products shrank to $78.3 billion — the level of November 2024. The Fear and Greed Index, although rising from 18 to 23 points, is still in the "extreme fear" zone.
Russia: cryptocurrency officially becomes an object of theft
On June 16, the Plenum of the Supreme Court of the Russian Federation introduced landmark changes to the ruling on judicial practice in cases of theft, robbery, and assault. Now, the list of objects of theft includes digital rubles, digital rights, and digital currency. This is a crucial step for law enforcement practice: it does not legalize cryptocurrency as a means of payment, but it provides clear criminal-legal qualification for cases of its unlawful seizure.
The court also clarified the moment of completion of theft of non-cash funds — the crime is considered complete from the moment the money is debited from the victim's account. Additionally, if the theft is committed through several successive debits united by a single intent, it will be considered as one continuing crime. This decision creates clearer frameworks for law enforcement and reduces the legal uncertainty that previously hindered effective investigation of crypto crimes.
Europe: MiCA squeezes out "gray" players
The European Securities and Markets Authority (ESMA) issued an ultimatum: from July 1, crypto companies without a MiCA license must cease servicing clients from the EU. The regulator requires service providers to prepare a business wind-down plan in advance. According to estimates, by May, only 194 companies out of approximately 3,000 previously operating in the region had received approval. This means that about 75% of old platforms will either close or leave the European market.
For ordinary users, this will result in account blocking: exchanges will stop accepting deposits and require funds to be withdrawn. In my view, this is a painful but inevitable process of market consolidation, which in the long term will raise security and transparency standards for those who remain.
Ethereum: funding crisis and post-quantum protection
The Ethereum ecosystem came under pressure from two sides at once. Former Ethereum Foundation employee Trent Van Epps warned of a "slowly escalating funding crisis" over the next 3-9 months. The main risks are associated with a reduction in the foundation's spending (from 15% to 5% by 2030) and the end of the Client Incentive Program in April 2026. Without stable funding, the ecosystem risks losing key developers and falling behind in preparing for challenges such as quantum computing.
In response to this challenge, an interesting concept was proposed. Kohaku project lead at EF, Nicolas Consigny, presented the SPHINCS- solution — a method for post-quantum protection of Ethereum accounts costing just $0.07. It is based on the SPHINCS+ signature standard and does not require a hard fork. This is an intermediate step before launching the even more efficient leanSPHINCS system. Given that quantum computing is not a matter of "if" but "when," such developments are not a luxury but a necessity for the network's survival.
My take on the situation: The week showed that the market remains a hostage to geopolitics and macroeconomics. The lack of a strong upward impulse from Bitcoin itself, against the backdrop of record ETF outflows, is a worrying signal. However, the regulatory steps in Russia and the EU, although they appear harsh, are actually laying the foundation for a mature and legal market. Those investors who survive this period of consolidation may come out ahead when civilized trading replaces the "wild west."