The past week was marked by a strong rebound of Bitcoin from local lows, the expiration of the transitional period under the MiCA regulation in Europe, and the emergence of specific timelines for crypto regulation in Russia. Let's break down the key events.
Bitcoin Returns Above $62,000
After the weakest month in four years, the leading cryptocurrency showed a confident recovery. Starting from around $57,700, the BTC price surpassed the $60,000 level on July 1. The growth driver was comments from Federal Reserve Chairman Kevin Warsh about persistent high inflation in the US, which increased demand for safe-haven assets, including "digital gold."
By the end of the week, on July 4, quotes reached a local peak of $63,300 on Binance, before correcting to $62,700. The asset gained 4.6% over the week. However, altcoins showed even more impressive dynamics: Solana rose by 12.7%, Ethereum by 11.7%, and the Hyperliquid token by over 10%.
Despite the positive market sentiment, outflows from spot Bitcoin ETFs continued for the eighth consecutive week, totaling $526.6 million. Interestingly, on July 2, the products attracted $221.7 million, indicating mixed institutional sentiment. The Fear and Greed Index only slightly rose from 18 to 23 points, remaining in the extreme fear zone. The total market capitalization recovered to $2.17 trillion, while Bitcoin's dominance decreased from 58.1% to 57.9%.
Europe: MiCA in Action
On July 1, 2026, the transitional period for cryptocurrency platforms under the MiCA regulation ended in the European Union. Companies that failed to obtain a license must cease servicing European clients. As of the deadline, the ESMA register listed 244 authorized crypto service providers. Among the approved platforms with notable liquidity are Kraken, Coinbase, and Bitstamp.
Notably, the European Commission has already begun reviewing the regulation by launching public consultations. This indicates that regulators recognize the need to adapt rules to the rapidly changing market and international standards.
Russia: Regulation Timelines
First Deputy Chairman of the Central Bank of Russia, Vladimir Chistyukhin, outlined the expected date for the law on crypto market regulation to take effect—September 1, 2026. After that, market participants will be given time to prepare until July 1, 2027, after which administrative and criminal liability for illegal operations will come into force.
The first operations under the new regime could begin by the end of 2026 or early 2027. This is an important step that will finally bring clarity for Russian crypto enthusiasts and businesses.
Ecosystem News
In the Ethereum ecosystem, an independent non-profit organization, Ethereum Institutional, was launched, aimed at promoting the network among banks and asset managers. StarkWare presented an ambitious roadmap to protect StarkNet from quantum threats, a preventive measure to ensure the long-term security of L2 solutions.
My view: The current Bitcoin recovery looks like a technical rebound amid macroeconomic uncertainty, rather than the start of a new bullish trend. Continued outflows from ETFs and the low Fear and Greed Index indicate ongoing caution among major players. However, the expiration of the MiCA transitional period is a positive signal for the market, as it creates clear rules of the game in one of the world's largest economic blocs.