Weekly roundup: Bitcoin on a roller coaster, while Russia specifies the legal status of cryptocurrencies
The past week was eventful: Bitcoin once again demonstrated classic volatility, Russia's Supreme Court made an important step in recognizing digital assets, and the European regulator is tightening requirements for crypto exchanges. Let's break down the key events.
Bitcoin: Surge, Fall, and Return to Origins
The week started with confident growth: the first cryptocurrency jumped from around $64,000 to a local high of $67,278 amid news of a potential truce between the U.S. and Iran. However, optimism quickly gave way to a correction. Bearish sentiment, weak demand, and the first Federal Reserve meeting under Kevin Warsh brought Bitcoin back to the $64,000 level. The regulator kept the rate at 3.5–3.75% but did not rule out a hike by the end of the year.
By Friday, pressure intensified: new uncertainty in the Middle East and the postponement of the U.S. Vice President's visit drove the rate down to $62,000. Recovery occurred over the weekend — Bitcoin returned above $64,000 thanks to the departure of the U.S. delegation for negotiations and cheaper oil, which stimulated capital inflows into risk assets.
As a result, the BTC price remained virtually unchanged over the week, allowing altcoins to show more impressive dynamics: Solana gained 8.6%, Ethereum 3.5%, and Hyperliquid surged nearly 12%. Meanwhile, investor interest in Bitcoin is waning: outflows from spot ETFs reached a record six weeks, and the total assets under management fell to $78.3 billion — the lowest since November 2024. The Fear and Greed Index rose from 18 to 23 points but remains in the extreme fear zone.
Russia: Cryptocurrency Officially Recognized as Subject of Theft
On June 16, the Plenum of the Supreme Court of the Russian Federation introduced important amendments to judicial practice: digital rubles, digital rights, and digital currency are now officially considered subjects of theft. This clarification closes a legal gap and allows crypto asset thefts to be qualified under articles of the Russian Criminal Code. The court also determined that a crime is considered completed at the moment funds are debited from the victim's account, and a series of consecutive debits with a single intent is treated as one continuing crime.
This decision is an important step toward integrating digital assets into Russia's legal framework, although full regulation is still far off.
Europe: MiCA Takes Effect — Platforms Without Licenses Exit
From July 1, 2025, all crypto companies operating in the EU must hold a license under the MiCA regulation. ESMA reminded that platforms without official authorization must cease servicing clients from the European Union. According to Hogan Lovells, by May 2025, only 194 companies out of approximately 3,000 previously operating had obtained licenses. 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.
Ethereum: Funding Crisis and Quantum Protection
Former Ethereum Foundation employee Trent Van Epps warned of a "slowly escalating funding crisis" in the Ethereum ecosystem. Key risks include treasury depletion and the end of the Client Incentive Program in April 2026. According to his estimate, the ecosystem needs about $30 million to support developers, otherwise the project risks losing key personnel and falling behind in scaling.
Against this backdrop, EF's Nicolas Consigny proposed the SPHINCS- solution — post-quantum protection for Ethereum accounts costing just $0.07. The method is based on the SPHINCS+ standard from NIST and does not require a hard fork. This is a temporary measure before the launch of leanSPHINCS, which will further reduce costs.
My view: The week showed that the market remains extremely sensitive to geopolitics and macroeconomics. Bitcoin's lack of growth amid positive news is a worrying signal, indicating bull fatigue. However, legal changes in Russia and stricter regulation in the EU are long-term positive factors that are gradually shaping a more mature and secure environment for the crypto industry.