Weekly Recap: Bitcoin on a Rollercoaster, Russia's Supreme Court Recognizes Cryptocurrency as Subject of Theft, and MiCA Drives Unlicensed Players Out of the EU
The market wraps up another eventful week. Bitcoin once again demonstrated its characteristic volatility, Russian courts finally provided a clear definition of cryptocurrency in the context of criminal cases, and the European regulator ESMA issued an ultimatum to crypto platforms without a MiCA license. Let's break down the key events in detail.
Bitcoin: From $62,000 to $67,000 and Back
The week began with a strong surge: amid reports of a possible truce between the US and Iran, Bitcoin jumped from $64,000 to a local high of $67,278. However, the euphoria quickly faded. The market faced bearish factors — weak demand and lingering geopolitical uncertainty. After the US Federal Reserve meeting, where the key rate was kept at 3.5-3.75% and Fed Chair Kevin Warsh hinted at a possible hike, Bitcoin broke through the $64,000 support level.
By Friday, June 19, quotes fell to $62,000 due to another round of tensions in the Middle East. Nevertheless, the weekend brought positive news: the US delegation still went to negotiations, which, combined with falling oil prices, revived interest in risk assets. Bitcoin recovered its losses, settling slightly above $64,000.
As a result, on a weekly basis, the BTC price remained virtually unchanged. This allowed several altcoins to show more impressive dynamics: Solana gained 8.6%, Ethereum — 3.5%, and the Hyperliquid token surged nearly 12%. The Fear and Greed Index, while still in the "extreme fear" zone, rose from 18 to 23 points, indicating extremely cautious but slightly reviving optimism.
A worrying signal remains the record outflow from spot Bitcoin ETFs. Over six weeks, starting in mid-May, investors withdrew about $5.43 billion, reducing the total capital to $78.3 billion — a level from November 2024. Ethereum funds are also losing liquidity: about $10 million left them over the week.
Supreme Court of the Russian Federation: Cryptocurrency is an Object of Theft
An important event for the Russian jurisdiction: on June 16, the Plenum of the Supreme Court of the Russian Federation amended a 2002 ruling, officially recognizing digital currency, digital rubles, and digital rights as objects of theft. This closes a legal gap and provides a clear tool for qualifying crimes.
The court also clarified that theft of non-cash funds is considered complete at the moment the money is debited from the victim's account. If the theft occurs through several consecutive debits but is united by a single intent, it will be treated as one continuing crime. This decision, in my opinion, will significantly simplify the work of law enforcement agencies and increase legal protection for digital asset owners in Russia.
ESMA: Ultimatum for Crypto Platforms
From July 1, 2025, all crypto companies that have not obtained a license under the MiCA regulation must cease servicing clients from the European Union. ESMA has already required service providers to prepare business wind-down plans. According to Hogan Lovells, 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, leading to account blocking and forced fund withdrawals for users. This is a tough but logical step by the regulator to cleanse the market of unscrupulous players.
Ethereum: Funding Crisis and Quantum Protection
The Ethereum ecosystem may face a "slowly escalating funding crisis" over the next three to nine months. This warning was issued by former Ethereum Foundation employee Trent Van Epps. The main risks are associated with the plan to reduce the foundation's annual expenses to 5% by 2030 and the end of the Client Incentive Program in April 2026, which was a key funding mechanism for client teams.
At the same time, an innovative solution to protect against quantum attacks was proposed on the network. Kohaku project lead Nicolas Consigny presented the SPHINCS- concept, which allows securing wallets without a hard fork. The cost of implementing protection for one account would be only $0.07. This is an intermediate step before launching the more efficient leanSPHINCS system, which will reduce costs through data aggregation.
Expert Opinion
The week showed that the market remains extremely sensitive to macroeconomic and geopolitical news. The lack of a sustained upward trend amid record ETF outflows is a warning sign for bulls. However, the recognition of cryptocurrency at the level of the Supreme Court of the Russian Federation and the tightening of regulation in the EU are undoubtedly steps toward industry maturity. Players who can adapt to the new rules will gain a significant competitive advantage.