Crypto news

The past week was extremely eventful for the cryptocurrency market. The leading coin once again demonstrated classic volatility, while regulatory news from Russia and Europe set new directions for the industry's development. Let's break down the key events.

Bitcoin: Swings in the $62,000 – $67,000 Range

The week began with a sharp surge in Bitcoin from around $64,000 to a local high of $67,278. The main catalyst for this move was reports of a potential ceasefire between the U.S. and Iran. However, euphoria quickly gave way to a correction. The market faced bearish factors: weak demand and disagreements between the parties in negotiations.

Additional pressure came from the U.S. Federal Reserve meeting led by Kevin Warsh. The regulator kept the key interest rate at 3.5-3.75% but did not rule out a hike by the end of the year. This triggered a breakdown of the $64,000 level on Thursday. The culmination came on Friday, when Bitcoin fell to $62,000 due to renewed uncertainty in the Middle East, caused by the postponement of the U.S. Vice President's trip to Switzerland.

The weekend brought a rebound: after the American delegation finally departed for negotiations, the price returned above $64,000. Interestingly, on a weekly basis, Bitcoin remained virtually unchanged, allowing many altcoins to show stronger dynamics. Solana gained 8.6%, Ethereum — 3.5%, and the Hyperliquid token rose nearly 12%.

Nevertheless, investor sentiment remains extremely pessimistic. The Fear and Greed Index, although rising from 18 to 23 points, is still in the "extreme fear" zone. This is confirmed by a record six-week outflow of funds from spot Bitcoin ETFs, totaling about $5.43 billion. The total capital in these products shrank to $78.3 billion — the level of November 2024. Ethereum funds also show negative dynamics for the sixth consecutive week, losing about $10 million over the week.

Russia: Cryptocurrency Officially Becomes an Item of Theft

A landmark event occurred in the Russian legal sphere. On June 16, the Plenum of the Supreme Court of the Russian Federation amended a 2002 ruling concerning judicial practice in cases of theft, robbery, and mugging. The list of items subject to theft officially included digital rubles, digital rights, and digital currency.

In my opinion, this decision is an important step toward forming a clearer legal framework for crypto assets in the country. Law enforcement now has a formal basis for qualifying actions related to cryptocurrency theft, which should simplify the investigation of such crimes. The court also clarified that the theft of non-cash funds is considered complete from the moment they are debited from the victim's account.

Europe: ESMA Ultimatum and Ethereum Funding Crisis

The European regulator ESMA reminded that from July 1, crypto companies without a MiCA license must cease servicing clients in the EU. According to estimates, only 194 out of approximately 3,000 companies previously operating in the region have received official authorization. It is expected that 75% of old platforms will close or leave the European market, leading to account freezes for ordinary users.

Meanwhile, a problem is brewing within the Ethereum ecosystem. Former Ethereum Foundation employee Trent Van Epps warned of a "slowly escalating funding crisis." The main risks are tied to the foundation's philosophy, which is gradually moving away from being the sole center of power, as well as two specific factors: a plan to reduce annual expenses from 15% to 5% by 2030 and the end of the Client Incentive Program in April 2026. According to Van Epps, the ecosystem needs about $30 million to support developers. Without stable funding, Ethereum risks losing key specialists and falling behind in preparing for challenges such as quantum computing.

Technology: Post-Quantum Protection for Ethereum

On a positive note, it is worth highlighting a proposal by Nicolas Consigny, project lead at Kohaku in the Ethereum Foundation. He introduced the concept of SPHINCS- — post-quantum protection for accounts. The solution, based on the NIST signature standard, will secure wallets without requiring a hard fork. The cost of implementing protection for a single transaction would be a symbolic $0.07. This is a critically important step for preparing the network for the era of quantum computers.

My comment: The week showed that the market remains highly sensitive to macroeconomic and geopolitical news. The lack of a clear trend in Bitcoin amid record outflows from ETFs is a worrying signal, indicating hesitation among institutional investors. However, the recognition of cryptocurrencies at the level of the Supreme Court of the Russian Federation is a long-awaited step toward legalization and protection of digital asset owners' rights in the country.