Weekly Review: Bitcoin is storming, while cryptocurrencies in Russia have received a new legal status
The past week was extremely eventful for the crypto industry. Bitcoin once again showed its volatile nature, Russian jurisprudence took an important step in recognizing digital assets, and European regulators tightened the rules of the game. Let's break down the key events in detail.
Bitcoin: Roller Coaster Without a Final Stop
The first cryptocurrency started the week with confident growth — from $64,000 to a local high of $67,278 on the Binance exchange. The catalyst was news of a possible truce between the US and Iran. However, optimism quickly turned into a correction. Pressure came from ongoing disagreements between the parties and weak demand from institutional investors.
A key moment was the Federal Reserve meeting led by Kevin Warsh. The regulator left the rate unchanged (3.5-3.75%), but the Fed Chair allowed for a rate hike before the end of the year. This triggered a break below the $64,000 level. By Friday, June 19, Bitcoin fell to $62,000 amid new uncertainty in the Middle East. Only by the weekend, after the resumption of negotiations and a drop in oil prices, did the asset return to just above $64,000.
As a result, the price of Bitcoin remained virtually unchanged over the week. This allowed altcoins to show more impressive dynamics: Solana gained 8.6%, Ethereum — 3.5%, and Hyperliquid rose by almost 12%. However, the overall market sentiment remains bearish. The Fear and Greed Index, although it rose from 18 to 23 points, is still in the "extreme fear" zone.
The most alarming signal is the record six-week outflow of funds from spot Bitcoin ETFs. Over this period, about $5.43 billion has been withdrawn from these products, and the total capital volume has shrunk to $78.3 billion — the level of November 2024. Investors are clearly in no hurry to increase their positions.
Supreme Court of the Russian Federation: Cryptocurrency as an Object of Theft
On June 16, the Plenum of the Supreme Court of the Russian Federation amended a 2002 ruling concerning judicial practice in cases of theft, robbery, and assault. The list of objects of theft now officially includes digital rubles, digital rights, and digital currency. This is an important step that, on one hand, recognizes the real value of crypto assets, and on the other, opens the way for stricter law enforcement.
The court also clarified that the theft of non-cash funds is considered complete from the moment the money is debited from the victim's account. If funds are stolen through several successive transactions but are united by a single intent, it is qualified as a single continuing crime.
Europe: MiCA Takes Effect, Businesses Given a Deadline
The European Securities and Markets Authority (ESMA) reminded that from July 1, crypto companies without a license under the MiCA regulation must cease servicing clients from the EU. The regulator requires a plan for winding down the business to be prepared in advance. According to Hogan Lovells estimates, by May, only 194 companies out of approximately 3,000 operating in the region had received official permission. It is expected that up to 75% of old platforms will leave the market.
For users, this means account blocking and a requirement to withdraw funds. The market is facing a major cleanup, which, in my opinion, will benefit the industry in the long term by weeding out dishonest players.
Ethereum Faces Challenges: Funding Crisis and Quantum Threat
The Ethereum ecosystem may face serious problems. Former Ethereum Foundation employee Trent Van Epps warned of the risk of a "slowly escalating funding crisis" over the next 3-9 months. The reason is the shrinking capacity of the treasury and the end of the Client Incentive Program in April 2026. Without stable funding, according to the expert, the ecosystem risks losing key developers.
Simultaneously, a solution to protect against quantum attacks was proposed on the Ethereum network. Kohaku project lead Nicolas Consigny presented the SPHINCS- concept, which allows securing wallets without a hard fork. The cost of implementing the protection would be only $0.07. This is a temporary but extremely important solution while a more advanced leanSPHINCS system is being developed.
My comment: The week showed that the market remains extremely sensitive to macroeconomic and geopolitical factors. Recognizing cryptocurrencies as objects of theft in Russia is a double-edged sword: on one hand, it's a step towards legalization, on the other, towards tighter control. As for Ethereum's funding problems, this is a systemic risk that could slow down the development of the entire ecosystem if a balance between decentralization and effective management is not found.