In the past week, the digital asset market showed moderate optimism amid geopolitical risks, while regulatory news set the tone for long-term trends. We break down the key events.
Bitcoin Holds Its Ground: ETFs Revive Interest
The week began with Bitcoin dipping below $62,000 amid the escalation between Iran and the US. However, digital gold quickly recovered, closing the week up 2.2% at around $64,000. Ethereum gained 2.6%, while Dogecoin and Solana lost 4% and 4.4%, respectively. The total market capitalization rose from $2.07 trillion to $2.2 trillion.
The key driver was an inflow of funds into spot Bitcoin ETFs — $197.4 million over the week, breaking a record eight-week streak of outflows. Ethereum funds also attracted $84.4 million. The Fear and Greed Index rose to 26 points, leaving the extreme fear zone.
Kazakhstan: New Decree Opens Doors for the Crypto Industry
President Kassym-Jomart Tokayev signed a decree on the development of the digital assets industry. The document provides for the creation of a "transparent ecosystem of digital financial services" and includes the legalization of crypto asset transactions. Key measures include: the use of digital assets and stablecoins in cross-border settlements, voluntary disclosure of crypto assets on foreign platforms, and exemption from income tax for transactions through Kazakhstan's regulated infrastructure. This is a bold step that could turn the country into a regional hub for crypto business.
Europe Prepares MiCA 2.0: Focus on DeFi and NFTs
The European Parliament has approved its official position on further regulation of digital assets. While the document does not directly amend MiCA, it calls for expanding oversight to DeFi, crypto lending, staking, and NFTs. The goal is to prevent market fragmentation within the EU after the MiCA transition period ends on July 1. This is a signal that regulators aim for full coverage of the sector, and DeFi projects should prepare for licensing.
US Bitcoin Reserve: Bureaucratic Stalemate
The Trump administration's initiative to create a strategic Bitcoin reserve has hit disagreements between the Treasury and the Commerce Department. The dispute centers on who has the legal authority to manage the holdings due to Bitcoin's high volatility. The Justice Department is exploring legal options while the White House evaluates the structure. The US already holds 328,372 BTC (~$21 billion), but plans to purchase 1 million BTC through the BITCOIN Act and ARMA remain on paper for now.
SWIFT Enters the Blockchain Era
The SWIFT network announced the readiness of its blockchain infrastructure for a pilot project with 17 banks, including Citi, HSBC, and DBS. The project focuses on round-the-clock cross-border payments using tokenized deposits, synchronizing different ledgers. This is an important step toward a hybrid financial system where traditional and blockchain solutions work in tandem.
Expert Opinion: The market is showing resilience to geopolitical shocks, but investors' main focus is currently on regulatory shifts. Legalization in Kazakhstan and the expansion of MiCA are long-term catalysts that could attract institutional capital. However, the delay with the US Bitcoin reserve serves as a reminder that bureaucracy remains the main enemy of crypto innovation, even with political will.