Weekly review: Bitcoin on an emotional rollercoaster, while the Supreme Court of Russia equated cryptocurrency to property
The past week was rich in events. The first cryptocurrency gave investors a real rollercoaster ride, Russia's Supreme Court clarified the legal status of digital assets, and the European regulator tightened requirements for crypto platforms. Let's break down the key points.
Bitcoin: from $67,000 to $62,000 and back
The beginning of the week was marked by a sharp surge in Bitcoin from around $64,000 to a local high of $67,278. The catalyst was news of a possible truce between the US and Iran. However, optimism quickly faded: the parties could not overcome their differences, and the market corrected. Additional pressure came from weak demand and the results of the Federal Reserve meeting. The regulator kept the rate at 3.5-3.75%, but the head of the agency allowed for a rate hike by the end of the year, which triggered a break below $64,000.
The culmination came on Friday, when amid renewed uncertainty in the Middle East, the rate plummeted to $62,000. However, by the weekend, the situation eased: the US delegation still flew out for negotiations, which, combined with falling oil prices, revived interest in risk assets. As a result, Bitcoin recovered to $64,000+, virtually unchanged on the week.
This stagnation benefited altcoins. Solana gained 8.6%, Ethereum 3.5%, and the Hyperliquid token showed growth of nearly 12%. The Fear and Greed Index rose slightly, from 18 to 23 points, but is still in the extreme fear zone. The total market capitalization stagnated around $2.2 trillion, and Bitcoin's dominance slightly decreased to 58.4%.
The dynamics of institutional demand are concerning. The outflow from spot Bitcoin ETFs continues for a record six consecutive weeks. During this time, the products lost about $5.43 billion, and the total assets under management shrank to $78.3 billion — the lowest since November 2024. Ethereum funds also did not escape outflows, losing ~$10 million over the week. This suggests that large players are not yet ready to return to the market.
Supreme Court of the Russian Federation: cryptocurrency is an item of theft
An important legal event took place in Russia. The Plenum of the Supreme Court amended a 2002 ruling concerning judicial practice in cases of theft, robbery, and assault. Now, the list of items subject to theft officially includes digital rubles, digital rights, and digital currency. The court also clarified that the theft of non-cash funds is considered complete at the moment the money is debited from the victim's account. This closes many legal gaps and provides clear guidelines for law enforcement.
Europe cleans up the market: MiCA comes into force
The European Securities and Markets Authority (ESMA) reminded that from July 1, all crypto companies operating in the EU must have a license under the MiCA regulation. Those who did not make it in time must cease servicing clients. According to Hogan Lovells, only 194 companies out of approximately 3,000 previously operating in the region have received official permission. This means that about 75% of old platforms will leave the market, and users will face account blocking and requirements to withdraw funds.
Expert opinion
The week showed that the market is in a phase of uncertainty. Bitcoin is stuck in a narrow range, and institutional interest is waning. However, a positive signal is the reaction to geopolitical de-escalations — the market is still sensitive to good news. As for regulation, the actions of the Russian Federation and the EU are an inevitable stage of the industry's maturation. Legalization and clear rules of the game, though painful at first, will in the long term create a healthier and safer environment for all participants.