Weekly Review: Bitcoin on the swings, Russia's Supreme Court clarifies the status of cryptocurrencies, and ESMA tightens the screws
The past week was marked by classic "rollercoaster" moves for the first cryptocurrency, important legal clarifications in Russia, and a strict deadline from a European regulator. Let's break down the key events in detail.
Bitcoin: Consolidation Amid Geopolitics
The start of the week gave the market hope: Bitcoin surged from $64,000 to a local high of $67,278 on news of a potential truce between the US and Iran. However, optimism quickly faded. Bearish sentiment, reinforced by weak demand and the first Fed meeting under Kevin Warsh, pushed the price back to $64,000. The regulator left the rate unchanged but did not rule out a hike by year-end, adding to the nervousness.
The climax came on Friday, when Bitcoin plunged to $62,000 due to renewed uncertainty in the Middle East. However, the weekend brought a rebound: after the US delegation finally flew out for negotiations, the price recovered above $64,000. An additional driver was falling oil prices, which redirected capital into risk assets.
Ultimately, on a weekly basis, Bitcoin remained virtually unchanged. This allowed altcoins to stage a comeback: Solana gained 8.6%, Ethereum 3.5%, and Hyperliquid surged nearly 12%. Meanwhile, outflows from spot Bitcoin ETFs reached a six-week record of $5.43 billion. Total capital in these products shrank to $78.3 billion — a level last seen in November 2024. The Fear and Greed Index, though rising from 18 to 23 points, remains in the "extreme fear" zone.
Russia: Cryptocurrency Officially Becomes an Item of Theft
On June 16, the Plenum of the Supreme Court of the Russian Federation made a historic change to judicial practice. The 2002 ruling on theft, robbery, and assault was updated to include digital rubles, digital rights, and, most importantly, digital currency. This means that the theft of cryptocurrency will now be classified under criminal statutes, rather than remaining in a gray area.
Additionally, the court clarified the moment when the theft of non-cash funds is considered complete — the crime is now deemed finished at the moment the money is debited from the victim's account. This is an important step for law enforcement practice, which, in my view, will significantly simplify the investigation of cybercrimes and enhance investor protection.
Europe: MiCA Deadline and Ethereum Funding Crisis
The European Securities and Markets Authority (ESMA) reminded that from July 1, crypto companies without a MiCA license must cease servicing clients in the EU. The regulator requires a market exit plan to be prepared in advance. According to estimates, out of 3,000 firms operating in the region, only 194 have received official authorization. It is expected that around 75% of older platforms will close or leave the market. For users, this means account freezes and forced fund withdrawals.
Meanwhile, former Ethereum Foundation employee Trent Van Epps warned of a "slowly growing funding crisis" for the ecosystem. Key risks include the foundation's shrinking treasury and the end of the Client Incentive Program in April 2026. According to his estimate, the ecosystem needs about $30 million for developers. Without stable funding, Ethereum risks losing key talent and falling behind in scaling, jeopardizing the reliability of the main network.
Expert Opinion: The week showed that the market remains highly sensitive to geopolitics and macroeconomics. However, the Russian Supreme Court's decision is a tectonic shift in the legalization of cryptocurrencies in the country. The European market, meanwhile, is entering a phase of harsh consolidation, which will likely weed out unscrupulous players but create temporary inconveniences for ordinary users. The Ethereum Foundation urgently needs to reconsider its funding model, otherwise the ecosystem risks facing a serious crisis of competence.