Crypto news

The past week was marked by several landmark events for the global crypto industry. From a breakthrough decree in Kazakhstan to bureaucratic delays in the US, the market continues to seek new footholds.

Bitcoin Shows Resilience Amid Geopolitics

The leading cryptocurrency dipped below $62,000 at the start of the week amid heightened tensions between Iran and the US. However, subsequent rounds of tension, including statements about closing the Strait of Hormuz, were met calmly by the market. By the weekend, the price recovered to $64,000, showing a weekly gain of 2.2%. Ethereum rose by 2.6%, while most altcoins, particularly Dogecoin and Solana, fell by 4% and 4.4%, respectively.

Spot Bitcoin ETFs broke a record eight-week streak of outflows, attracting $197.4 million. Total AUM grew to $77.4 billion, though it has still lost about 32% since the start of the year. Ethereum funds also saw inflows of $84.4 million, recovering to $9.6 billion. The Fear and Greed Index left the zone of extreme fear, rising to 26 points, and the total market capitalization increased from $2.07 trillion to $2.2 trillion.

Kazakhstan: A New Direction for the Crypto Industry

President Kassym-Jomart Tokayev signed a decree aimed at forming a "modern and transparent ecosystem of digital financial services." The document, prepared jointly with the National Bank and the AIFC, provides for the legalization of operations with digital assets. Key points include developing mechanisms for using stablecoins in cross-border settlements and voluntary disclosure of assets previously held on foreign unregulated platforms. For individuals, it is planned to exempt income from operations through regulated infrastructure from personal income tax. This is a significant step that could attract both capital and skilled professionals to the country.

Europe: MiCA Goes Deeper

The European Parliament approved an official position on expanding regulation to DeFi, crypto lending, staking, and NFTs. This came right after the end of the MiCA transition period on July 1. Although the report does not introduce direct changes to the regulation, it sets a direction for unifying rules within the bloc to avoid market fragmentation. This means the next stage will involve strict licensing for all participants in these sectors.

US: Bitcoin Reserve at an Impasse

The Trump administration's initiative to create a Strategic Bitcoin Reserve (SBR) has run into interagency disputes. The main issue is who will manage the highly volatile asset: the Treasury or the Commerce Department. The Justice Department is searching for legally sound options, while the White House evaluates the structure. The US holds 328,372 BTC (~$21 billion), but ambitious bills like the BITCOIN Act and ARMA, which propose buying 1 million BTC over five years, remain on paper for now.

Other Notable Events

• AI identified an anonymous text by Vitalik Buterin.
• StarkWare CEO proposed changing Bitcoin's issuance model.
• Strategy company sold 3,588 BTC for $226 million.
• CertiK estimated losses from hacks over six months at $1.32 billion.
• SWIFT launched a blockchain system for cross-border payments involving 17 banks.

My conclusion: The week showed that institutional interest in Bitcoin is not waning, despite geopolitical risks. However, the real growth driver now is not speculation, but clear regulatory frameworks. Kazakhstan and the EU are setting the direction, while the US risks falling behind due to bureaucracy. The market is waiting for concrete actions, not promises.