Weekly Review: Bitcoin wavers as Russia equates cryptocurrency to property
The past week was rich in events: Bitcoin once again demonstrated classic volatility, Russia's Supreme Court clarified the legal status of digital assets, and the European regulator ESMA tightened requirements for crypto platforms. Let's break down the key points.
Bitcoin: Swings on Geopolitics and Macroeconomics
The week began with a sharp surge in Bitcoin from the $64,000 mark to a local peak of $67,278. The catalyst was news of a potential truce between the US and Iran. However, as is often the case, euphoria quickly gave way to a correction. Disagreements between the parties and weak demand returned the price to initial levels. Additional pressure came from the US Federal Reserve's decision to keep the key rate at 3.5-3.75%, while the Fed Chair did not rule out a rate hike by the end of the year. On Friday, Bitcoin dipped to $62,000 amid renewed uncertainty in the Middle East, but recovered losses by the weekend, climbing back above $64,000 thanks to the resumption of negotiations and cheaper oil, which spurred capital inflows into risk assets.
As a result, Bitcoin's price remained virtually unchanged over the week, allowing some altcoins to show more impressive dynamics: Solana gained 8.6%, Ethereum 3.5%, and Hyperliquid nearly 12%. However, behind this apparent stability lies a worrying signal: outflows from spot Bitcoin ETFs have reached a record six consecutive weeks, exceeding $5.4 billion. The total capital in these products has shrunk to $78.3 billion, a level last seen in November 2024. This is direct evidence of waning institutional interest.
Russia: A New Round of Regulation
The Plenum of the Supreme Court of the Russian Federation introduced fundamental changes to judicial practice, officially recognizing cryptocurrency, digital rubles, and digital rights as objects of theft. This decision closes a legal gap that had existed since 2002 and equates digital assets to tangible property in the context of criminal law. Additionally, the Supreme Court clarified the moment when the theft of non-cash funds is considered complete—now, the crime is deemed finished at the moment the money is debited from the victim's account. This is an important step for law enforcement practice, which will undoubtedly impact the investigation of cybercrimes.
Europe: MiCA Comes into Full Force
The European Securities and Markets Authority (ESMA) reminded that from July 1, all crypto companies without a license under the MiCA regulation must cease servicing clients in the EU. The regulator requires platforms to prepare clear plans for winding down their businesses. According to estimates, only 194 out of 3,000 companies previously operating in the region have received official authorization. Up to 75% of old platforms are expected to leave the market. For ordinary users, this means account blocking and the need to withdraw funds. Europe is finally closing its doors to unregulated players.
Expert Summary
The week showed that the market is in a phase of uncertainty, where geopolitics and macroeconomics reign supreme. However, the most significant event, in my opinion, is the decision of the Supreme Court of the Russian Federation. It not only strengthens the legal framework for combating crimes but also indirectly legitimizes cryptocurrency as an object of civil circulation, albeit with a negative connotation. This is a signal to the market: the state recognizes the existence of digital assets and is ready to regulate the associated legal relations.