Crypto news

The past week was packed with events that once again confirmed the high sensitivity of the crypto market to macroeconomic and geopolitical triggers. Key news came from Russia, where the legal status of digital assets received an important clarification, and from Europe, where regulators are tightening requirements for market participants.

Bitcoin: a rollercoaster ride returning to the start

The week began with a sharp impulse: Bitcoin jumped from $64,000 to a local high of $67,278 amid reports of a truce between the US and Iran. However, optimism quickly faded — the parties failed to overcome their differences, which, combined with weak demand and bearish sentiment, triggered a correction. Additional pressure came from the US Federal Reserve meeting, which kept the key interest rate at 3.5-3.75% and hinted at a possible hike by the end of the year. This led to a break below the $64,000 level, and on Friday, June 19, quotes even fell to $62,000 due to renewed uncertainty in the Middle East. The weekend partially restored positions, bringing the price back slightly above $64,000 thanks to resumed negotiations and cheaper oil, which stimulated capital inflows into risk assets.

On a weekly basis, Bitcoin remained virtually unchanged, allowing several altcoins to show more impressive dynamics: Solana gained 8.6%, Ethereum — 3.5%, and the Hyperliquid token rose nearly 12%. However, the overall picture is not so rosy: investor interest in the flagship cryptocurrency is waning. Spot Bitcoin ETFs recorded a record six-week outflow, losing about $5.43 billion, with total capital in them shrinking to $78.3 billion — a level from November 2024. Ethereum funds also did not escape outflows, losing about $10 million over the week. The Fear and Greed Index, although rising from 18 to 23 points, is still in the "extreme fear" zone. Bitcoin dominance slightly decreased to 58.4%, and the total market capitalization stagnated around $2.2 trillion.

Russia: cryptocurrency equated to property

On June 16, the Plenum of the Supreme Court of the Russian Federation introduced fundamental changes to judicial practice in cases of theft, robbery, and mugging. Digital currency, digital rubles, and digital rights are officially recognized as objects of theft. This is an important step that closes a legal loophole and provides clear guidelines for courts. The Supreme Court separately clarified the moment of crime completion: theft of non-cash funds is considered complete from the moment the money is debited from the victim's account. Additionally, if multiple debits are united by a single intent, they will be considered as one ongoing crime.

Europe: MiCA in action — exit of illegal operators

From July 1, all crypto companies without a license under the MiCA regulation must cease servicing clients from the European Union. The European Securities and Markets Authority (ESMA) has required service providers to prepare business wind-down plans in advance. According to estimates, by May, only 194 companies out of approximately 3,000 previously operating in the region had received official authorization. It is expected that up to 75% of old platforms will leave the EU market, leading to account blocking and forced fund withdrawals for users.

Ethereum ecosystem: funding crisis and quantum protection

Former Ethereum Foundation employee Trent Van Epps warned of a "slowly escalating funding crisis" over the next three to nine months. The main risks are associated with the shrinking of the foundation's treasury and the end of the Client Incentive Program in April 2026. Without stable funding, the ecosystem risks losing key developers.

At the same time, the Ethereum Foundation proposed an elegant solution for protection against quantum attacks. Project lead Kohaku, Nicolas Consigny, presented the SPHINCS- concept, which allows securing wallets without a hard fork. The cost of implementing the protection will be only about $0.07. This is a temporary solution until the launch of a more efficient leanSPHINCS system, which will further reduce costs through data aggregation.

My comment: The past week clearly demonstrates that the market is in a consolidation phase, where each new impulse is dampened by macroeconomic uncertainty. However, regulatory decisions, both in Russia and Europe, are fundamental changes that shape a new legal reality for the industry. Recognizing cryptocurrency as an object of theft in Russia is a step towards its legitimization, albeit from a criminal law perspective. And the tightening of MiCA requirements in Europe, although painful for many players, will in the long term clear the market of unscrupulous participants and increase institutional trust.