Weekly Review: Bitcoin on the swings, Russia's Supreme Court recognizes cryptocurrency as a subject of theft, and the EU tightens the screws
The past week was extremely eventful for the cryptocurrency market. Bitcoin staged a real rollercoaster ride, the Russian judicial system set an important precedent, and European regulators moved from words to action. Let's break down the key events in detail.
Bitcoin: Bounce from $62,000 and Unstoppable Altseason
The week began with a sharp rise in the first cryptocurrency from $64,000 to a local high of $67,278 on Binance. The catalyst was news of a potential truce between the US and Iran. However, the euphoria quickly faded: data emerged on disagreements between the parties, while weak demand and hawkish rhetoric from the Fed (which kept the rate at 3.5-3.75% and hinted at a possible hike) brought the price back to $64,000.
The climax came on Friday, when quotes plummeted to $62,000 due to new uncertainty in the Middle East. Nevertheless, by the weekend, the recovery to $64,000 was just as swift — the US delegation still departed for negotiations, and cheaper oil stimulated capital inflows into risk assets.
Key takeaway: Bitcoin's weekly dynamics were virtually flat, which, against the backdrop of weak ETF inflows (a record six-week outflow of $5.43 billion), indicates a shift in investor attention to altcoins. Solana gained 8.6%, Ethereum 3.5%, and Hyperliquid soared nearly 12%. The Fear and Greed Index, although rising from 18 to 23 points, remains in the extreme fear zone.
Russia: Cryptocurrency — Not Just an Asset, but an Item of Theft
On June 16, the Plenum of the Supreme Court of the Russian Federation made historic changes to the ruling on judicial practice in theft cases. Digital currency, digital rubles, and digital rights are now officially recognized as items of theft. This means that cryptocurrency theft will be classified under the same articles as theft of cash or property.
Of particular note is the clarification of the moment the crime is completed for non-cash funds — it is considered complete at the moment the money is debited from the victim's account. This closes many legal loopholes and simplifies the work of law enforcement.
Europe: MiCA Takes Effect — Unprepared Players Exit
ESMA (European Securities and Markets Authority) reminded that from July 1, crypto companies without a MiCA license must cease servicing clients from the EU. The regulator requires service providers to prepare a business wind-down plan in advance.
The numbers speak for themselves: only 194 companies out of the 3,000 previously operating in the region have received official approval. It is expected that about 75% of old platforms will close or exit the market. For users, this means account blocking and the urgent need to withdraw funds.
Ethereum Ecosystem: Funding Crisis and Quantum Protection
Former Ethereum Foundation employee Trent Van Epps warned of a "slowly escalating funding crisis" over the next 3-9 months. Key risks include treasury depletion (a plan to reduce spending from 15% to 5% by 2030) and the end of the Client Incentive Program in April 2026. Without stable $30 million, the ecosystem risks losing key developers and falling behind in scaling.
At the same time, an interesting solution was proposed in the network to protect against quantum threats. The SPHINCS- method, costing just $0.07 per transaction, will allow securing wallets without a hard fork. This is an intermediate step before launching the more efficient leanSPHINCS system.
My comment: The week showed that the market is in a phase of capital redistribution. Bitcoin is consolidating, while altcoins, especially projects with strong fundamentals, are beginning to attract attention. The decision of the Supreme Court of the Russian Federation is not just a legal formality, but a signal to the entire market: cryptocurrency is becoming a full-fledged part of the legal framework. MiCA will finally divide the European market into "white" and "gray" players, which in the long term will increase trust, but in the short term will create chaos.