Weekly Review: Bitcoin on a 'roller coaster', cryptocurrency in Russia recognized as an object of theft, and new MiCA rules in the EU
The past week was extremely eventful for the crypto market. Bitcoin made a sharp upward move, followed by a correction, while the main news came from the regulatory sphere — both in Russia and the European Union. Let's break down the key events.
Bitcoin: Surge to $67,000 and Drop to $62,000
The week started with a strong impulse: the price of the leading cryptocurrency surged from around $64,000 to a local high of $67,278 on Binance. The main driver was rumors of a possible truce between the US and Iran. However, optimism quickly faded amid ongoing disagreements and weak demand from investors.
Quotes began to decline, and after the US Federal Reserve meeting, which kept the key rate unchanged (3.5-3.75%), Bitcoin broke below the $64,000 level. The Fed Chair even hinted at the possibility of a rate hike by the end of the year, adding further pressure on risk assets.
The culmination of the week was Friday, when Bitcoin fell to $62,000. The reason was renewed uncertainty in the Middle East. However, over the weekend, the cryptocurrency recovered its losses, returning slightly above $64,000 after the resumption of the negotiation process. As a result, on a weekly basis, the price of Bitcoin remained virtually unchanged, allowing some altcoins to show stronger dynamics: Solana gained 8.6%, Ethereum — 3.5%, and Hyperliquid — nearly 12%.
The weakening interest in Bitcoin is confirmed by a record six-week outflow of funds from spot ETFs — $5.43 billion. The total capital in these products shrank to $78.3 billion, corresponding to the level of November 2024. The Fear and Greed Index, despite rising from 18 to 23 points, is still in the "extreme fear" zone. Market capitalization remained at around $2.2 trillion, while Bitcoin's dominance slightly decreased to 58.4%.
Russia: Cryptocurrency Officially Becomes an Item of Theft
A major event for the Russian crypto space — the Plenum of the Supreme Court of the Russian Federation on June 16 amended the resolution on judicial practice in cases of theft, robbery, and assault. Digital currency, along with digital rubles and digital rights, is now officially recognized as an item of theft. This decision significantly simplifies the qualification of crimes related to the illegal acquisition of crypto assets. The court also clarified that the moment of completion of the theft of non-cash funds is considered to be the moment the money is debited from the victim's account.
Europe: Ultimatum from ESMA
The European regulator (ESMA) reminded that from July 1, crypto companies without a MiCA license must cease servicing clients from the European Union. Moreover, the regulator demanded that such service providers prepare a business wind-down plan in advance. According to Hogan Lovells, by May, only 194 out of approximately 3,000 companies previously operating in the region had received official authorization. It is expected that up to 75% of old platforms will leave the European market, leading to account blocking and the need for users to withdraw funds.
Ethereum Ecosystem: Funding Crisis and Quantum Protection
Former Ethereum Foundation employee Trent Van Epps warned of a "slowly escalating funding crisis" on the Ethereum network over the next 3-9 months. The main risks are associated with the foundation's spending cuts and the end of the Client Incentive Program in April 2026. According to Epps' estimate, the ecosystem needs about $30 million for developers, and without stable funding, it risks losing critically important specialists.
Meanwhile, the project lead for Kohaku at the Ethereum Foundation presented a concept for post-quantum account protection called SPHINCS-. The solution, costing just $0.07, will protect wallets from quantum computer attacks without requiring a hard fork.
My Expert Opinion: The week showed that macroeconomic factors and geopolitics remain the main drivers for Bitcoin, despite its status as "digital gold." Recognizing cryptocurrency as an item of theft in the Russian Federation is a logical step towards forming a legal framework, but without clear regulation of circulation, it creates risks for bona fide market participants. And the ESMA requirements signal that the era of "gray" zones in Europe is coming to an end. MiCA will become the new standard, and the market will be forced to adapt to it.