Weekly Results: Bitcoin on a Roller Coaster, While Russia Recognizes Cryptocurrency as an Item of Theft
The past week was eventful: Bitcoin once again demonstrated its volatility, Russian justice made an important step in recognizing cryptocurrencies, and a European regulator tightened requirements for market participants. Let's break down the key events in detail.
Bitcoin: Return to $64,000 and a Shift in Leadership
The beginning of the week was marked by a sharp surge in Bitcoin from the $64,000 mark to a local high of $67,278. The catalyst was news of a possible truce between the US and Iran. However, optimism quickly faded: disagreements between the parties and weak demand brought quotes back to a correction. After the Fed meeting, which kept the rate at 3.5-3.75% and hinted at a possible increase, the price broke through $64,000, and on Friday it even collapsed to $62,000. The reason was renewed uncertainty in the Middle East.
The weekend brought positivity: the US delegation still flew out for negotiations, and cheaper oil triggered a capital inflow into risky assets. As a result, Bitcoin returned to $64,000, virtually unchanged on a weekly basis. This allowed altcoins to surge ahead: Solana gained 8.6%, Ethereum 3.5%, and the Hyperliquid token jumped nearly 12%.
The weakening interest in the first cryptocurrency is also confirmed by ETF data: a record six-week outflow amounted to ~$5.43 billion, and the total capital volume shrank to $78.3 billion — the level of November 2024. The Fear and Greed Index, despite rising from 18 to 23 points, is still in the zone of extreme fear. Market capitalization remained at $2.2 trillion, and Bitcoin's dominance decreased from 59% to 58.4%.
Russia: Cryptocurrency Officially Becomes an Item of Theft
On June 16, the Plenum of the Supreme Court of the Russian Federation amended the resolution on judicial practice in cases of theft, robbery, and assault. The list of items of theft now includes digital rubles, digital rights, and digital currency. This is an important step that clearly defines the legal status of crypto assets in criminal legislation. The court also clarified that the theft of non-cash funds is considered completed from the moment they are debited from the victim's account, and a series of consecutive debits with a single intent is considered one crime.
Europe: MiCA Takes Effect, and an Ethereum Funding Crisis on the Horizon
ESMA reminded that from July 1, all crypto companies without a MiCA license must cease servicing clients from the European Union. The regulator requires a business wind-down plan to be prepared in advance. According to estimates, only 194 companies out of the 3,000 previously operating in the region have received official permission. It is expected that about 75% of old platforms will leave the European market, leading to account blocking and forced fund withdrawals for users.
Meanwhile, a former Ethereum Foundation employee warned of the risk of a "slowly escalating funding crisis" in the Ethereum ecosystem over the next 3-9 months. The main pressure factors are the shrinking capabilities of the foundation's treasury and the end of the Client Incentive Program in April 2026. According to estimates, developers need about $30 million, and without stable funding, the ecosystem risks losing critically important specialists and falling behind in scaling.
Cryptalist Expert Opinion
The week showed that the market remains extremely sensitive to geopolitics and macroeconomics, but fundamental shifts in regulation, such as the steps by Russia and the EU, are shaping a long-term trend towards the legalization and integration of crypto assets. Ethereum's funding problems are a worrying signal for the entire L1 ecosystem, and investors should closely monitor developments. In the short term, Bitcoin will likely continue to trade in the $60,000-$65,000 range, awaiting a new catalyst.