Weekly Review: Bitcoin on an emotional rollercoaster, while Russia's Supreme Court equates cryptocurrency to property
The past week has been a vivid illustration of how geopolitics and macroeconomics continue to keep the digital asset market on edge. Bitcoin once again demonstrated classic volatility, while regulatory news from Russia and Europe added fundamental clarity to the legal status of cryptocurrencies.
Bitcoin: a rollercoaster amid geopolitics
The week began with a sharp surge in the first cryptocurrency. From levels around $64,000, the asset soared to a local high of $67,278 amid news of a potential truce between the US and Iran. However, the euphoria quickly faded: the market faced skepticism regarding the durability of the agreement and traditional bearish pressure due to weak demand.
A key moment was the US Federal Reserve meeting chaired by Kevin Warsh. The decision to keep the rate at 3.5-3.75% and the possibility of a rate hike by the end of the year triggered a correction, and Bitcoin broke through the $64,000 mark. The culmination came on Friday, when the price crashed to $62,000 due to new uncertainty in the Middle East — the postponed trip of the US Vice President to Switzerland.
Nevertheless, the weekend brought a rebound above $64,000, supported by renewed negotiations and cheaper oil, which stimulated capital inflows into risk assets. As a result, the week for Bitcoin was virtually flat, giving altcoins an edge: Solana gained 8.6%, Ethereum 3.5%, and Hyperliquid showed growth of nearly 12%. The Fear and Greed Index, although remaining in the "extreme fear" zone, rose from 18 to 23 points, indicating a very cautious but slightly more confident sentiment among participants.
Supreme Court of the Russian Federation: a new milestone in law enforcement
A landmark event occurred in Russian jurisprudence. The Plenum of the Supreme Court of the Russian Federation officially recognized digital currency, along with digital rubles and digital rights, as an object of theft. This means that cryptocurrency theft is now classified under the relevant articles of the Criminal Code, significantly expanding the possibilities for protecting victims and holding perpetrators accountable. The court also clarified that the moment of completion of non-cash funds theft occurs at the moment they are debited from the victim's account. This is an important step towards forming a clearer and more predictable judicial practice in the field of digital assets.
Europe tightens the screws: MiCA comes into effect
The European Securities and Markets Authority (ESMA) reminded crypto companies of a strict deadline: from July 1, only platforms licensed under MiCA will be able to serve clients from the EU. According to expert estimates, out of approximately 3,000 firms operating in the region, only 194 have received official authorization. This means that up to 75% of old platforms will be forced to leave the European market or shut down. For users, this will result in account blocking and the need to urgently withdraw funds. The market is entering a phase of large-scale consolidation and cleansing.
Expert opinion
The market is clearly in a phase of consolidation and searching for new drivers. While macroeconomic uncertainty and capital outflows from ETFs (a record $5.43 billion over six weeks) are weighing on Bitcoin, altcoins are trying to seize the initiative. However, the true catalyst for the next major move will likely not be geopolitics, but the resolution of regulatory deadlocks. The decisions of the Supreme Court of the Russian Federation and the implementation of MiCA in Europe are precisely the fundamental steps that will attract institutional capital to the industry in the long term, but in the short term, they create turbulence.