Weekly Review: Bitcoin on a Rollercoaster, Cryptocurrency in Russia Gains New Legal Status, and EU Tightens Regulations
The past week was rich in events that made the market nervous. Bitcoin once again demonstrated its volatility, the Russian Supreme Court made important clarifications to the legal status of digital assets, and the European regulator ESMA issued an ultimatum to crypto platforms without a MiCA license. Let's break down the key trends.
Bitcoin: A Rollercoaster Ride Without Net Growth
The start of the week gave bulls hope: the price of the first cryptocurrency surged from $64,000 to a local high of $67,278. The catalyst was news of a potential truce between the US and Iran. However, the euphoria quickly faded. The market faced a series of bearish factors: weak demand, disagreements between the negotiating parties, and, most importantly, the hawkish stance of the US Federal Reserve. The first meeting under Kevin Warsh's leadership ended with the rate being held at 3.5-3.75% and a hint of a possible hike. This triggered a correction, and by Friday, Bitcoin had fallen to $62,000.
The situation was saved by news of the US delegation departing for negotiations, which brought quotes back above $64,000 by the weekend. As a result, on a weekly basis, the price remained virtually unchanged, allowing several altcoins to show more impressive dynamics: Solana gained 8.6%, Ethereum — 3.5%, and Hyperliquid — nearly 12%.
The key signal for me is the record six-week outflow of funds from spot Bitcoin ETFs. Over this period, investors withdrew about $5.43 billion, reducing the total capital volume to $78.3 billion — the level of November 2024. This indicates a cooling of institutional interest and a high degree of uncertainty in the market.
Russia: Digital Currency Equated to Property
On June 16, the Plenum of the Supreme Court of the Russian Federation made an important change to judicial practice. Digital currency, along with digital rubles and digital rights, has been officially recognized as an object of theft. This means that the theft of cryptocurrency will now be classified under articles on theft, robbery, or assault, rather than as a crime in a gray area. The moment of completion of a crime in the theft of non-cash funds was also clarified — from the moment the money is debited from the victim's account. This is a step towards forming a clearer legal environment, although full market regulation is still far off.
EU: MiCA Ultimatum 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. Estimates suggest that only 194 out of 3,000 previously operating firms have received authorization. It is expected that up to 75% of old platforms will leave the market. For users, this means account blocking and the need to urgently withdraw funds. This is a serious filter that will clear the market of unscrupulous players.
Meanwhile, former Ethereum Foundation employee Trent Van Epps warned of a "slowly escalating funding crisis" for the Ethereum ecosystem. The reasons are the foundation's spending cuts and the end of the incentive program for client teams. Without a stable $30 million per year, the ecosystem risks losing key developers and falling behind in the race for scaling.
My opinion: The week showed that the market remains extremely sensitive to macroeconomic and geopolitical factors. The lack of Bitcoin growth amid positive news is a warning sign. Regulatory pressure in the EU and uncertainty over Ethereum funding create additional risks. However, the steps by the Russian judiciary to recognize cryptocurrency as property are a positive signal for the long-term development of the industry in the country.