Weekly results: Bitcoin on a roller coaster, Russia's Supreme Court recognizes cryptocurrency as a subject of theft, and the EU tightens MiCA rules
Bitcoin: Bounce from $62,000 and Altseason on the Horizon
The market ends the week in a state of tense equilibrium. The leading cryptocurrency, starting the week around $64,000, made a sharp surge to $67,278 amid rumors of a truce between the US and Iran. However, as soon as geopolitical optimism collided with reality — disagreements between the parties and the continued hawkish rhetoric from the Fed led by Kevin Warsh — prices reversed. The Fed's decision to keep the rate at 3.5-3.75% and hints of a possible hike by the end of the year added further pressure. By Friday, Bitcoin had fallen to $62,000, but over the weekend it recouped some losses, returning to $64,000.
Key takeaway: on a weekly basis, Bitcoin's price remained virtually unchanged, which acted as a catalyst for altcoins. Solana gained 8.6%, Ethereum 3.5%, and Hyperliquid nearly 12%. This is a characteristic sign of capital flowing from Bitcoin into riskier assets amid weakening dominance (from ~59% to 58.4%). Meanwhile, outflows from spot Bitcoin ETFs continue for a record six weeks: during this period, approximately $5.43 billion left the market, reducing the total volume to $78.3 billion — the lowest since November 2024. Although the Fear and Greed Index rose from 18 to 23 points, it remains in the extreme fear zone. The total market capitalization is hovering around $2.2 trillion.
Supreme Court of the Russian Federation: Cryptocurrency as a Subject of Theft
A landmark event for the Russian legal framework. On June 16, the Plenum of the Supreme Court of the Russian Federation amended a 2002 ruling, officially recognizing digital currency, digital rubles, and digital rights as subjects of theft. This means that cryptocurrency theft will now be classified under the Criminal Code articles on theft, robbery, and assault. The court also clarified: the crime is considered completed at the moment funds are debited from the victim's account. If multiple debits are linked by a single intent, it will be treated as one continuous crime. This is a significant step toward integrating crypto assets into the legal system, simultaneously enhancing investor protection and tightening liability for offenders.
Europe Tightens the Screws: MiCA in Action
The European Securities and Markets Authority (ESMA) has reminded that from July 1, crypto companies without a MiCA license must cease servicing clients in the EU. The regulator requires a business wind-down plan to be prepared in advance. According to Hogan Lovells, by May, only 194 out of 3,000 companies previously operating in the region had received official approval. It is expected that about 75% of old platforms will close or exit. For users, this means account blocking and the need to withdraw funds. Europe continues its move toward strict regulation, which will inevitably lead to market consolidation.
Ethereum: Funding Crisis and Quantum Protection
The Ethereum ecosystem may face a "slowly escalating funding crisis" over the next 3–9 months, warns former Ethereum Foundation employee Trent Van Epps. Key factors include the foundation's spending reduction from 15% to 5% by 2030 and the end of the Client Incentive Program in April 2026. Epps estimates the ecosystem needs an additional $30 million in developer funding. Without this, Ethereum risks losing key talent and falling behind in preparing for quantum threats.
At the same time, Nicolas Consigny from the Ethereum Foundation proposed the SPHINCS- solution — post-quantum account protection for $0.07. The method, based on the SPHINCS+ standard (NIST), does not require a hard fork and could serve as a temporary measure until a more efficient leanSPHINCS system is implemented. This is a timely step, given that the current ECDSA algorithm is vulnerable to quantum computers.
My comment: The market is in a phase of uncertainty. Geopolitics, macroeconomics, and regulatory changes create a cocktail that keeps investors on edge. Altcoins, as usual, are trying to seize the initiative, but a sustainable trend requires either a clear signal from the Fed or a geopolitical breakthrough. For now, it's a game of reducing volatility.