Weekly results: Bitcoin on a roller coaster, while in Russia cryptocurrency was equated to a subject of theft
The past week was eventful: Bitcoin once again demonstrated its volatility, the Russian judiciary took an important step in recognizing digital assets, and the European regulator tightened requirements for crypto platforms. Let's break down the key events.
Bitcoin: Swinging Between $62,000 and $67,000
The leading cryptocurrency started the week with a confident rally, jumping from $64,000 to a local high of $67,278. The catalyst was news of a potential truce between the US and Iran. However, optimism quickly faded: disagreements between the parties and weak demand brought the market back to a correction. The Fed meeting, which kept the rate at 3.5-3.75% and hinted at a possible hike, only added pressure, pushing the price below $64,000.
The climax came on Friday, when Bitcoin plunged to $62,000 amid renewed uncertainty in the Middle East. US Vice President JD Vance postponed a trip to Switzerland to sign an agreement with Iran. However, the weekend brought a reversal: the American delegation eventually flew out for negotiations, and falling oil prices attracted investors to risk assets. As a result, Bitcoin returned to $64,000, virtually unchanged on a weekly basis.
Against this backdrop, altcoins performed much more confidently: Solana gained 8.6%, Ethereum 3.5%, and the Hyperliquid token rose nearly 12%. Meanwhile, interest in Bitcoin is waning: outflows from spot ETFs reached a record $5.43 billion over six weeks, and total capital fell to $78.3 billion — the level of November 2024. The Fear and Greed Index, though rising from 18 to 23 points, remains in the extreme fear zone.
Russia: Cryptocurrency as an Object of Theft
The Plenum of the Supreme Court of the Russian Federation introduced important changes to judicial practice, officially recognizing digital currency, digital rubles, and digital rights as objects of theft. This means that the theft of crypto assets will now be classified under the same articles as traditional crimes. The moment of completion of the theft of non-cash funds was specifically clarified — from the moment of debiting from the victim's account.
This decision sets clear legal frameworks for the crypto industry in Russia, although it raises questions about practical implementation, especially in the context of blockchain transaction anonymity.
ESMA: No MiCA, Out of the EU
The European regulator ESMA reminded that from July 1, crypto companies without a MiCA license must cease servicing clients in the EU. By May, only 194 out of 3,000 firms had received official authorization. It is expected that about 75% of old platforms will close or leave the European market. For users, this means account blocking and the need to withdraw funds before the deadline.
Expert Opinion
The week once again confirmed that macroeconomic and geopolitical factors remain the main drivers for Bitcoin. However, the weakening interest in ETFs and the shift of capital into altcoins may signal the beginning of a market cycle change — investors are seeking higher returns outside of "digital gold." As for the decision of the Supreme Court of the Russian Federation, it is an important step towards legalization, but it also requires market participants to pay increased attention to legal risks.