Bitcoin volatility, cryptocurrency recognition in Russia, and EU regulatory pressure: weekly recap
The past week on the crypto market was eventful, although the first cryptocurrency did not show a significant price change over the seven-day period. The main themes were sharp but short-term bitcoin fluctuations against a geopolitical backdrop, an important legal recognition in Russia, and a stern reminder from the European regulator about the imminent entry into force of new rules of the game.
Bitcoin: A Rollercoaster Ride Without a Change in Final Price
The week began with confident growth: from levels near $64,000, the rate soared to a local high of $67,278. The catalyst was news of a potential truce between the US and Iran, which instilled optimism in the risky asset market. However, the joy was short-lived. The market quickly realized the fragility of the agreements, and additional pressure came from fundamental bearish factors, particularly weak institutional demand.
After the Federal Reserve meeting, which kept the rate at 3.5-3.75% and hinted at a possible hike, bitcoin broke through the $64,000 support. By Friday, amid new uncertainty in the Middle East, the price fell to $62,000. However, the weekend brought a rebound: the American delegation did go to negotiations, and cheaper oil redirected capital into cryptocurrencies, returning bitcoin to just above $64,000.
As a result, the week closed with virtually no change in BTC price. This allowed altcoins to show more impressive dynamics: Solana gained 8.6%, Ethereum — 3.5%, and the Hyperliquid token rose nearly 12%. Against this backdrop, the Fear and Greed Index rose slightly — from 18 to 23 points — but still remains in the "extreme fear" zone, indicating continued high market nervousness.
Russia: Cryptocurrency Recognized as an Object of Theft
The key event for the Russian jurisdiction was the decision of the Plenum of the Supreme Court of the Russian Federation. On June 16, amendments were made to the 2002 ruling on judicial practice in cases of theft, robbery, and assault. The list of objects of theft officially includes digital rubles, digital rights, and, most importantly, digital currency.
This decision has far-reaching consequences. It clearly defines the legal status of cryptocurrency for the purposes of criminal prosecution, equating it with traditional property. The court also clarified that the theft of non-cash funds is considered completed at the moment the money is debited from the victim's account. This is an important step towards forming a uniform law enforcement practice, which will undoubtedly affect the work of law enforcement agencies.
Europe Tightens the Screws: MiCA in Action
The European regulator ESMA reminded crypto companies of a strict deadline: from July 1, all service providers without a MiCA license must cease servicing clients from the EU. The regulator requires advance preparation of plans for winding down business, which effectively means blocking accounts for users of unlicensed exchanges.
According to estimates, only 194 companies out of approximately 3,000 previously operating in the region had received official permission by May. It is expected that about 75% of old platforms will leave the European market. This means a massive "cleanup" is coming that will affect millions of users, and they should take care in advance to withdraw funds from unprepared platforms.
Expert Opinion
The week clearly demonstrated that the market remains extremely sensitive to geopolitical signals, while fundamental factors such as ETF outflows and Fed macroeconomic policy exert more sustained pressure. The recognition of cryptocurrency as an object of theft in Russia is a double-edged sword: on the one hand, it increases investor protection; on the other, it creates a basis for tightening control. And the European market is entering a new era that will likely reduce the number of available services but increase requirements for their reliability.