Crypto news

The past week was marked by sharp fluctuations in the first cryptocurrency, important legal changes in Russia, and stricter requirements for crypto platforms in the European Union. The market continues to search for a foothold, while regulators tighten the screws.

Bitcoin: Return to $64,000 and Weak Demand

The week began with a powerful surge of Bitcoin from around $64,000 to a local peak of $67,278 on Binance. The catalyst was news of a potential truce between the US and Iran. However, optimism quickly turned into a correction due to lingering disagreements between the parties and weak buying interest.

Additional pressure came from the US Federal Reserve meeting led by Kevin Warsh. The regulator kept the key interest rate at 3.5–3.75% per annum but did not rule out a hike before the end of the year. On Thursday, Bitcoin broke through support and fell below $64,000. Friday brought another blow — the rate collapsed to $62,000 amid another escalation of tensions in the Middle East. However, by the weekend, the cryptocurrency recovered to $64,000+, aided by news of resumed negotiations and a drop in oil prices, which shifted investor attention to risk assets.

As a result, Bitcoin remained virtually unchanged in price over the week, allowing several altcoins to show more impressive dynamics. Solana gained 8.6%, Ethereum — 3.5%, and the Hyperliquid token surged nearly 12%. This indicates a flow of capital from "digital gold" into more volatile assets.

Institutional interest in Bitcoin continues to wane. Spot ETFs recorded a record six-week outflow of funds — about $5.43 billion since mid-May. The total capital in these products shrank to $78.3 billion, matching the level of November 2024. Ethereum funds are also losing appeal: about $10 million was withdrawn from them over the week, and the negative trend has lasted for six consecutive weeks. The Fear and Greed Index rose slightly — from 18 to 23 points — but remains in the "extreme fear" zone. The total market capitalization is stable at $2.2 trillion, and Bitcoin's dominance decreased from ~59% to 58.4%.

Supreme Court of the Russian Federation: Cryptocurrency as an Object of Theft

On June 16, the Plenum of the Supreme Court of the Russian Federation introduced important changes to judicial practice. Digital currency, along with digital rubles and digital rights, is now officially recognized as an object of theft. This means that cryptocurrency theft will be classified under articles on theft, robbery, or assault, significantly simplifying law enforcement. The court also clarified that the moment of completion of theft of non-cash funds occurs upon debiting money from the victim's account. The decision is a significant step in forming a legal framework for digital assets in Russia.

Europe: MiCA Takes Effect, Unlicensed Platforms Depart

From July 1, all crypto companies without a license under the MiCA regulation must cease servicing clients from the European Union. The European Securities and Markets Authority (ESMA) required service providers to prepare a business wind-down plan in advance. According to Hogan Lovells, only 194 companies had received official permission by May — a small fraction of the 3,000 firms previously operating in the region. It is expected that about 75% of old platforms will close or leave the European market. For users, this means account blocking and the need to urgently withdraw funds.

Ethereum Ecosystem: Funding Crisis and Quantum Protection

Former Ethereum Foundation employee Trent Van Epps warned of a "slowly growing funding crisis" in the Ethereum network. According to him, the ecosystem may face a shortage of funds in the next 3–9 months due to reduced foundation spending and the end of the Client Incentive Program in April 2026. He estimates developers' needs at $30 million. Without stable funding, the network risks losing key specialists and falling behind in preparing for challenges, including quantum computing.

Meanwhile, Ethereum proposed post-quantum account protection costing just $0.07. The SPHINCS- solution is based on the NIST signature standard and does not require a hard fork. This is an intermediate step before launching the more efficient leanSPHINCS system, which will further reduce costs.

What else happened?

• Media reported plans by Sam Bankman-Fried to launch a token after his release.
• An outdated contract on the Aztec network was hacked for $2 million.
• JPMorgan stated a deterioration in the mining economy.
• CME Group will file a lawsuit against the CFTC.
• The US will ban the issuance of CBDCs until 2030.

My conclusion: The market is in a phase of uncertainty. Bitcoin is teetering on the edge, institutional interest is drying up, and regulators worldwide are tightening rules. In such conditions, investors should be especially cautious and diversify risks. Altcoins may offer higher returns, but the risk of capital loss is significantly higher with them.