Weekly Review: Bitcoin on an Emotional Rollercoaster, While Russia's Supreme Court Incorporates Cryptocurrency into the Criminal Code
The market once again showed its unpredictable nature: Bitcoin staged a run from $62,000 to $67,000 and back, while regulators on both sides of the ocean brought clarity to the legal status of digital assets. This week, the key event was the recognition of cryptocurrency as an object of theft in Russia, and in Europe, a strict ultimatum from ESMA for unlicensed platforms.
Bitcoin: Rollercoaster Ride in Anticipation of Peace
The week started with a powerful surge: news of a possible truce between the US and Iran pushed Bitcoin's price from $64,000 to a local high of $67,278. However, euphoria quickly turned to disappointment as disagreements between the parties and weak demand returned the price to its starting positions. An additional trigger was the first Fed meeting under Kevin Warsh, where the key rate was kept at 3.5–3.75%, but a rate hike by the end of the year was not ruled out. This instantly broke through the $64,000 level.
The climax came on Friday when, due to renewed uncertainty in the Middle East (the postponement of Vice President Vance's trip), Bitcoin crashed to $62,000. But the weekend brought a surprise: the US delegation still flew out for negotiations, and cheaper oil attracted capital to risky assets, bringing quotes back above $64,000. As a result, Bitcoin's price remained virtually unchanged over the week, allowing altcoins to surge ahead: Solana gained 8.6%, Ethereum 3.5%, and the Hyperliquid token jumped nearly 12%.
Investor interest in the flagship asset is waning: spot Bitcoin ETFs recorded a record six-week outflow of $5.43 billion, reducing the total volume to $78.3 billion—a level from November 2024. Ethereum funds also lost about $10 million, continuing a six-week streak of outflows. The Fear and Greed Index revived slightly, rising from 18 to 23 points, but still remains in the extreme fear zone. Market capitalization stalled at $2.2 trillion, and Bitcoin's dominance fell from 59% to 58.4%.
Russia: Cryptocurrency Officially Becomes "Loot"
On June 16, the Plenum of the Supreme Court of the Russian Federation made historic changes to judicial practice in cases of theft, robbery, and assault. Digital currency, digital rubles, and digital rights are now officially recognized as objects of theft. This means that the theft of crypto assets will be qualified under the same articles of the Criminal Code as the theft of cash or property. Judges were also given clear instructions: the moment of completion of non-cash theft is now considered from the moment funds are debited from the victim's account. If multiple debits are united by a single intent, it is considered one continuing crime. This is a significant step towards legal certainty for cryptocurrency holders in Russia, but it also simplifies the work of law enforcement.
Europe: MiCA Takes Effect — No License, No Step
The European Securities and Markets Authority (ESMA) reminded that from July 1, all crypto companies operating in the EU must have a MiCA license. Those who have not yet obtained one must stop servicing clients and prepare a business wind-down plan. According to Hogan Lovells, only 194 out of 3,000 companies previously operating in the region have received official authorization. It is expected that about 75% of old platforms will close or leave the market. For users, this means account blocking: exchanges without licenses will stop accepting deposits and require funds to be withdrawn. This is a strict filter that will clear the market of "gray" players.
Ethereum Ecosystem Under Financial Pressure
Former Ethereum Foundation employee Trent Van Epps warned of a "slowly escalating funding crisis" over the next 3–9 months. Key risks include a reduction in the foundation's annual spending from 15% to 5% by 2030 and the end of the Client Incentive Program in April 2026. According to his estimate, the ecosystem needs about $30 million to support developers. Without stable funding, Ethereum risks losing key specialists, falling behind in scaling, and preparing for quantum threats.
Quantum Protection for Ethereum for Pennies
Kohaku project lead at the Ethereum Foundation, Nicolas Consigny, presented the concept of SPHINCS- — a post-quantum account protection costing just $0.07. The solution does not require a hard fork and is based on the SPHINCS+ signature standard developed by NIST. This is a temporary barrier before the launch of the more efficient leanSPHINCS system, which will reduce costs through data aggregation. For now, this is just a concept, but it demonstrates that the industry is seriously preparing for the quantum era.
Expert Opinion
The market is frozen in anticipation of macroeconomic signals: Bitcoin is treading water, while altcoins are trying to seize the initiative. However, the main trend of the week is regulatory tightening. The recognition of cryptocurrency as an object of theft in the Russian Federation and the ESMA ultimatum are signals that the "Wild West" of cryptocurrencies is ending. Investors should prepare for a new reality where transparency and licenses become mandatory, not optional.