The past week was marked by several landmark events for the global crypto industry. From regulatory breakthroughs in Kazakhstan and Europe to bureaucratic delays in the United States, the market continues to be shaped by institutional and state players. Let's break down the key trends.
Bitcoin Weathers the Storm: Recovery After Geopolitical Shock
The first half of the week began with a sharp drop in Bitcoin below the $62,000 mark. The cause was another escalation between Iran and the US, triggering panic sentiment. However, unlike previous crises, digital gold demonstrated remarkable resilience. Subsequent rounds of tension, and even statements about a potential blockade of the Strait of Hormuz, failed to break the bullish mood. By the weekend, the price had confidently recovered to $64,000, showing a weekly gain of 2.2%. Ethereum followed the leader, adding 2.6%.
Nevertheless, altcoins showed mixed dynamics. Dogecoin and Solana fell by 4% and 4.4% respectively, indicating a flow of liquidity into safer assets. Spot Bitcoin ETFs broke a record eight-week streak of outflows, attracting $197.4 million, while total AUM grew to $77.4 billion. The Fear and Greed Index, although it has left the extreme fear zone, remains at low levels — 26 points. This suggests the market is not yet ready for a confident rally, but the bottom has likely already been passed.
Kazakhstan: A New Hub for Digital Assets?
President Kassym-Jomart Tokayev signed a decree that radically changes the rules of the game for the crypto industry in the republic. The document aims to create a "transparent ecosystem of digital financial services." Key points include: developing mechanisms for using stablecoins in cross-border settlements and, most importantly, bringing crypto asset operations into the legal framework. Authorities propose voluntary disclosure of assets held on foreign unregulated platforms, followed by their transfer to local platforms.
Of particular interest is the tax incentive: for individuals, it is proposed to exempt income from operations through Kazakhstan's regulated infrastructure from personal income tax. This is a strong signal for miners and traders seeking jurisdictions with clear rules and low tax burdens.
Europe Targets DeFi and NFTs: MiCA Expands Its Reach
The European Parliament has approved its official position on further regulation of digital assets. The main takeaway: MiCA will be extended to sectors that have remained in a "gray area." DeFi, crypto lending, staking, and NFTs will fall under its scope. The goal is to prevent fragmentation of the EU's single market, where individual countries create their own local rules. Given that the MiCA transitional period ended on July 1 and all crypto companies in the EU have moved to mandatory licensing, this step appears to be a logical conclusion to the process.
US Bitcoin Reserve: A Dream Mired in Bureaucracy
The Trump administration's initiative to create a Strategic Bitcoin Reserve (SBR) has hit an unexpected obstacle — a dispute between government agencies. The Treasury Department, which was supposed to be the custodian of the reserve, doubts its legal authority to manage such a volatile asset. As a result, the Commerce Department has entered the fray for control. The Justice Department is trying to find a legally flawless solution. The US already holds the largest state stockpile of 328,372 BTC ($21 billion), but plans to purchase 1 million BTC under the BITCOIN Act and ARMA bills remain uncertain.
My view: Creating an SBR is more a political question than an economic one. Until the White House can overcome inter-agency barriers, the market will perceive this initiative as noise rather than a real catalyst. Nevertheless, the very fact of discussion at the highest level is a powerful signal of Bitcoin's recognition as a strategic asset.