Crypto news

The past week demonstrated the classic volatility of the first cryptocurrency, which once again found itself in the spotlight. At the same time, the Russian legal framework took an important step in recognizing digital assets, while the European regulator tightened requirements for market participants.

Bitcoin: from $67,000 to $62,000 and back

At the beginning of the week, the Bitcoin price made a sharp jump from around $64,000 to a local high of $67,278 on Binance. The main trigger was reports of a possible truce between the US and Iran. However, the fragility of these expectations quickly became apparent: emerging disagreements between the parties, as well as weak demand from buyers, led to a correction.

Additional pressure came from the first meeting of the US Federal Reserve under Kevin Warsh. The regulator kept the key rate at 3.5-3.75%, but the head of the agency allowed for the possibility of raising it by the end of the year, which triggered a break below the $64,000 level.

The culmination of the week was Friday's drop to $62,000, caused by another bout of uncertainty in the Middle East. However, by the weekend, the situation stabilized: the US delegation still flew out for negotiations, and cheaper oil stimulated capital inflows into risky assets. As a result, Bitcoin ended the week virtually unchanged, strengthening slightly above $64,000.

This stagnation in BTC allowed altcoins to show more impressive dynamics. Solana gained 8.6%, Ethereum 3.5%, and the Hyperliquid token rose almost 12%. The Fear and Greed Index rose from 18 to 23 points but is still in the extreme fear zone. Bitcoin dominance slightly decreased to 58.4%, while Ethereum's share increased by 0.3%.

One of the key signals of the week was a record six-week outflow from spot Bitcoin ETFs. Over this period, the products lost about $5.43 billion, reducing the total capital volume to $78.3 billion—the level of November 2024. Outflows from Ethereum funds also continued for the sixth consecutive week, amounting to about $10 million.

Russia: cryptocurrency recognized as an object of theft

On June 16, the Plenum of the Supreme Court of the Russian Federation made significant changes to judicial practice in cases of theft, robbery, and assault. The list of objects of theft now officially includes digital rubles, digital rights, and digital currency. This is an important step that effectively equates cryptocurrency with traditional assets in the context of criminal law.

The court also clarified the moment of completion of theft of non-cash funds—the crime is considered completed from the moment the money is debited from the victim's account. In the case of theft from a bank account, only non-cash funds are recognized as the object of the crime. If the money of one victim is stolen through several consecutive debits, but the actions are united by a single intent, this is considered one continuing crime.

Europe: platforms without MiCA must leave

The European Securities and Markets Authority (ESMA) reminded that from July 1, crypto companies without a MiCA license are obliged to stop servicing clients from the European Union. The regulator requires service providers to prepare a business wind-down plan in advance.

According to Hogan Lovells estimates, by May, only 194 companies out of approximately 3,000 previously operating in the region had received official permission. It is expected that about 75% of old platforms will close or leave the European market. For ordinary users, this means account blocking: exchanges without licenses will stop accepting deposits and will require funds to be withdrawn.

Ethereum: funding crisis and quantum protection

Former Ethereum Foundation employee Trent Van Epps warned of a "slowly escalating funding crisis" for the ecosystem over the next three to nine months. The main risks are related to the EF's philosophy, which is moving away from the role of the sole center of power, and two factors: the shrinking of treasury capabilities (a plan to reduce spending from 15% to 5% by 2030) and the end of the Client Incentive Program in April 2026. According to Van Epps' estimate, the ecosystem needs about $30 million for developers. Without stable funding, there is a risk of losing critically important personnel and falling behind in scaling.

At the same time, an interesting development has emerged in Ethereum: the concept of post-quantum account protection SPHINCS-, costing about $0.07. The solution does not require a hard fork and is based on the SPHINCS+ signature standard developed by NIST. This is an intermediate stage before the launch of a more efficient leanSPHINCS system.

My Expert Insight

The week showed that the market remains extremely sensitive to macroeconomic and geopolitical events, and the outflow from ETFs signals a decline in institutional risk appetite. However, the recognition of cryptocurrency as an object of theft in Russia is not only a tightening but also a step towards its legalization within the legal framework. The European market, in turn, is undergoing an inevitable consolidation that will clear it of unscrupulous players. In the long term, this is positive for the industry, but in the short term, it creates turbulence.