Weekly results: Bitcoin on a roller coaster, Russia's Supreme Court recognizes cryptocurrency as a subject of theft, and the EU tightens the screws
The past week was rich in events. The first cryptocurrency performed a dizzying somersault from $64,000 to $67,000 and back, Russia's Supreme Court clarified the legal status of digital assets, and the European regulator ESMA issued an ultimatum to crypto exchanges. Let's break down the key points.
Bitcoin: From $62,000 to $67,000 and Back
The week began with a powerful surge: news of a possible truce between the U.S. and Iran pushed Bitcoin to a local high of $67,278. However, the euphoria quickly faded. Geopolitical disagreements and weak demand brought the bears back to the market. By Thursday, after the Federal Reserve meeting, where the key rate remained at 3.5–3.75% and Fed Chair Kevin Warsh hinted at a possible hike, the price broke through $64,000. The climax came on Friday, when amid new uncertainty in the Middle East, quotes plummeted to $62,000.
The weekend brought a rebound: the U.S. delegation still went to negotiations, and cheaper oil stimulated capital inflows into risky assets. As a result, the price of Bitcoin remained virtually unchanged on a weekly basis, settling just above $64,000.
This sideways movement played into the hands of altcoins. Solana gained 8.6%, Ethereum 3.5%, and the Hyperliquid token jumped nearly 12%. Investors clearly shifted their focus away from the flagship. This is confirmed by a record six-week outflow from spot Bitcoin ETFs: during this period, products lost about $5.43 billion, and total capital fell to $78.3 billion, the level of November 2024.
The Fear and Greed Index, although rising from 18 to 23 points, is still in the "extreme fear" zone. This indicates persistent market nervousness, despite positive geopolitical signals.
Russia: Cryptocurrency Becomes Subject to Theft
On June 16, the Plenum of the Supreme Court of the Russian Federation made a landmark change to judicial practice. Now, digital currency, digital rights, and digital rubles are officially recognized as objects of theft, alongside traditional assets. This decision closes a legal loophole that previously allowed criminals to evade responsibility for stealing crypto assets.
Additionally, the Supreme Court clarified that the theft of non-cash funds is considered complete at the moment they are debited from the victim's account. This is an important nuance for qualifying crimes and for the work of law enforcement agencies.
EU: Without MiCA — Out
ESMA reminded all crypto companies operating in the European Union: starting July 1, servicing clients without a MiCA license is prohibited. The regulator requires non-compliant platforms to prepare a business wind-down plan. According to estimates, out of approximately 3,000 firms operating in the region, only 194 have received official authorization. It is expected that about 75% of old platforms will close or leave the European market.
For ordinary users, this means account blocking and a requirement to withdraw funds. Europe is transitioning to new standards, and this process will be painful but inevitable.
Expert Summary
The week showed that the market is still tied to geopolitics and macroeconomics. The decision of the Russian Supreme Court is a positive signal for legalization, but it only partially solves the regulatory problem. Meanwhile, ESMA's demands are a real blow to illegal platforms, which could lead to market consolidation. Investors should prepare for increased volatility and stricter rules of the game.