Weekly results: Bitcoin on an emotional rollercoaster, while in Russia cryptocurrency has been equated to property
The digital asset market wrapped up another week full of contrasts. The leading cryptocurrency experienced classic "roller coaster" movements, Russia's legal system took a significant step in recognizing cryptocurrencies, and the European regulator finally tightened the rules of the game. We break down the key events.
Bitcoin: False Start and Back to Square One
The beginning of the week inspired optimism: Bitcoin surged from $64,000 to a local high of $67,278 on Binance. The main trigger was news of a potential truce between the US and Iran. However, as I anticipated, the geopolitical positivity proved fragile. Disagreements between the parties and persistently weak demand quickly brought the market back to reality.
The correction accelerated after the Federal Reserve meeting led by Kevin Warsh. The regulator left the rate unchanged (3.5-3.75%), but the Fed Chair hinted at a possible rate hike by the end of the year. This was enough to break through the $64,000 level. The culmination came on Friday when Bitcoin fell to $62,000 amid renewed uncertainty in the Middle East. The US Vice President postponed a trip to Switzerland to sign the agreement.
The weekend brought a rebound: news of the American delegation departing for negotiations and falling oil prices revived interest in risk assets, pushing Bitcoin back above $64,000. Ultimately, the price remained virtually unchanged over the week. This allowed altcoins to shine: Solana gained 8.6%, Ethereum 3.5%, and Hyperliquid surged nearly 12%.
Institutional interest in Bitcoin continues to wane. A record six-week outflow from spot ETFs totaled ~$5.43 billion. The total capital in these products shrank to $78.3 billion — levels seen in November 2024. Ethereum funds are also losing funds for the sixth consecutive week, though the outflow was more modest at around $10 million. The Fear and Greed Index rose slightly from 18 to 23 points but remains in the extreme fear zone. Market capitalization is stable at ~$2.2 trillion, while Bitcoin's dominance slightly decreased to 58.4%.
Russia: Cryptocurrency Now Officially Recognized as Property
On June 16, the Plenum of the Supreme Court of the Russian Federation introduced landmark changes to its 2002 ruling on judicial practice regarding theft, robbery, and assault. The list of items subject to theft now officially includes digital rubles, digital rights, and digital currency. This is a fundamental step for the legal framework.
The court also clarified the moment when non-cash theft is considered complete — the crime is deemed finished from the moment funds are debited from the victim's account. When qualifying theft from a bank account or electronic means, only the non-cash funds themselves are recognized as the object of the crime. If multiple debits are linked by a single intent, it is treated as one continuing crime. Law enforcement now has a clear legal basis for dealing with cryptocurrency-related crimes.
Europe: MiCA Takes Effect, "Gray" Exchanges Exit
The European Securities and Markets Authority (ESMA) reminded that from July 1, all crypto companies without a MiCA license must cease servicing clients in the European Union. The regulator requires a pre-prepared plan for winding down operations.
According to legal experts, only 194 companies had received official permission by May — a drop in the ocean compared to the 3,000 firms previously operating in the region. It is expected that around 75% of old platforms will close or leave the European market. For users, this means account blocking, deposit bans, and requirements to withdraw funds. The EU market is becoming premium, but the price will be paid in accessibility.
Expert Opinion
The week presented a classic picture: the market is caught between geopolitics and macroeconomics, while institutional interest fades. Recognizing cryptocurrency as property in Russia is a long-awaited step toward a civilized market, but in the short term, it could increase pressure on those unprepared for transparency. The European market, on the other hand, is being cleansed, which will benefit it in the long run. Bitcoin remains, as before, a hostage to external factors, while altcoins show that in the absence of a directional move in BTC, they have a chance to grow.