Weekly Recap: Bitcoins Resurgence to $108,000 and Fed Chair Backs Crypto Regulation

The market has rebounded following the de-escalation of tensions in the Middle East, with the head of the Federal Reserve supporting cryptocurrency legislative initiatives, while Russia has classified P2P transactions involving digital assets as entrepreneurial activity, among other developments from the past week.

Last week, Bitcoin ended below $100,000 amid concerns over a potential blockade of the Strait of Hormuz by Iran. However, on Monday, the asset began a gradual recovery.

On Tuesday, Bitcoin surged sharply, crossing the $105,000 mark following a statement from U.S. President Donald Trump regarding the potential for an end to the Middle Eastern conflict.

By Wednesday, Bitcoin prices had climbed to $108,000 but traded in the range of $106,000 to $108,000 for the remainder of the week.

On Sunday, digital gold made an attempt to break through the upper resistance level but reversed direction around $108,500. Currently, the cryptocurrency is trading at approximately $107,900.

CoinDesk analyst Omkar Godbole believes that a rise above the $109,000 resistance level would confirm the formation of a «bull flag,» paving the way for new highs.

At the same time, Bitcoin’s dominance index increased to 62%, indicating strong investor interest in the asset and diminished engagement with altcoins.

In weekly terms, Bitcoin’s growth reached 8.4%, while Ethereum rose nearly 11%, trading around $2,450 at the time of writing. This slight discrepancy in asset performance may be attributed to the severity of the previous decline.

All top-10 cryptocurrencies by market cap entered the «green zone» on a weekly basis.

XRP saw an 11.9% rise over the week, driven by the gradual conclusion of its legal disputes with the SEC.

Solana increased by 16.5%, and Dogecoin by 10.5%.

The total market capitalization grew to $3.43 trillion. The cryptocurrency fear and greed index stands at 68.

On June 24, Federal Reserve Chair Jerome Powell, during a press conference, expressed support for advancing cryptocurrency legislation, stating that the country needs a regulatory framework for stablecoins.

«It’s great that bills are moving forward. We need a structure for ‘stable coins’,» he emphasized.

This statement came in light of Congress recently passing the GENIUS Act, which sets regulations for the issuance and management of stablecoins.

Additionally, the Fed decided to stop considering «reputational risk» when assessing banks. Previously, regulators had used this factor against financial institutions that dealt with the crypto sector.

«We believe that banks can determine who their customers are. They are also free to conduct transactions with cryptocurrencies if it does not pose risks to their safety and soundness,» added the Fed Chair.

The day after Powell’s remarks, on June 25, William Pult, Chairman of the Federal Housing Finance Agency, instructed mortgage giants Fannie Mae and Freddie Mac to explore the use of digital assets.

The organizations are tasked with formulating a proposal for integrating cryptocurrencies when assessing risks associated with mortgage loans for individuals.

«This aligns with President Trump’s vision of making the U.S. the global crypto capital,» Pult stressed.

On June 29, due to a recalculation, Bitcoin’s mining difficulty adjusted downwards by 7.48%—bringing it to 116.96 TH. This marked the second consecutive drop, with the decline being the most significant in years.

The seven-day moving average hash rate decreased to 799 EH/s from near-record levels. Conversely, the hash price rose from $53 to $58 per PH/s daily, returning to levels seen in late May, indicating a recovery in mining profitability.

Moreover, analysts at CryptoQuant observed that miners from the «Satoshi era» have increased reserves by 4,000 BTC since April, despite declining revenues. Concurrently, these miners are shifting towards accumulation.

Their data reveals that daily miner revenue fell to its lowest level since April 20, 2025 ($34 million), due to reduced transaction fees and price fluctuations.

Experts also noted that over the last ten days, the network’s hash rate decreased by 3.5%.

Despite the challenging situation, miners are holding onto their coins. Outflows from their wallets dropped from a peak of 23,000 BTC per day in February 2025 to around 6,000 BTC. Direct transfers of Bitcoin from miners to exchanges remain at low levels.

Players from the «Satoshi era» have minimized sales as well. In 2025, they sold just 150 BTC, compared to nearly 10,000 BTC in 2024. Historically, older miners tended to sell coins after significant price surges, which often signaled potential market peaks.

However, not all participants are willing to accept low profitability. Nasdaq-listed miner Bit Digital intends to shift its focus from Bitcoin mining to staking and holding Ethereum.

The company is considering various strategy shifts, including potentially halting Bitcoin mining and liquidating assets, with plans to allocate the proceeds to projects related to the second-largest cryptocurrency.

During the week, the Arbitration Court of the Rostov region recognized P2P transactions involving cryptocurrencies as entrepreneurial activities.

The case involved a defendant who had been registered as an individual entrepreneur under a simplified tax system since 2020. In his 2022 declaration, he reported an income of 800,000 rubles. However, the tax authorities requested banking information and found that the individual entrepreneur’s accounts had received a total of 143 million rubles during the period in question.

After a meeting with representatives from the tax authority, the individual adjusted his declaration to reflect 92.4 million rubles in cryptocurrency sales, claiming a property tax deduction of 92.6 million rubles, yet failed to provide supporting documents.

The tax authority concluded that by buying and selling cryptocurrencies, the individual was effectively carrying out entrepreneurial activity, resulting in taxation according to the simplified tax system.

Among the concerns raised were the systematic and large scale of transactions—92 bank cards, involving third parties, and using overseas accounts.

The court sided with the tax authority. The ruling stated that even in the absence of specific regulations, digital assets are considered property, and operations involving them are subject to taxation, while consistent trading by someone with individual entrepreneur status is regarded as entrepreneurial activity.

As a result, the individual was assessed an additional 5.46 million rubles in taxes under the simplified system and faced penalties amounting to 273,000 rubles.

Exved CEO Sergey Mendeleev also concurred with the court’s decision. He noted that the defendant should have contested the assessed amount.

In Russia, as of November 2024, a law concerning cryptocurrency taxation has been in effect, recognizing cryptocurrency as property. The tax liability is calculated as the difference between the asset’s sale price and its purchase or mining costs.

Individuals selling cryptocurrencies are required to pay income tax at a rate of 13-15%, while corporations are subject to a 25% profit tax.

On June 23, the front-end of the crypto publication Cointelegraph was targeted in an attack. Hackers injected malicious code that displayed a phishing window offering a fake airdrop.

The hackers attempted to persuade users to connect their crypto wallets to receive CTG tokens valued at $5,500. To enhance their credibility, they mentioned «fair launch» and «audit by CertiK.»

Cointelegraph representatives confirmed the incident, advising users not to click on pop-ups or share personal information.

The attack was similar to a recent incident on the CoinMarketCap aggregator site, where criminals employed a similar phishing scheme.

During the week, it was also reported that hackers attacked Trezor clients through the contact form on the official website.

The criminals sent support requests impersonating users, which triggered an automated response from Trezor to the customers’ emails. Following this, they sent a phishing email that appeared to be a continuation of the conversation.

The hardware wallet manufacturer team reminded users that their seed phrases should never be shared, and that staff members never request personal information.

According to a TRM Labs report, losses in the crypto industry due to hackers reached $2.1 billion in the first half of 2025.

Infrastructural attacks (accounting for over 80% of losses) involved stealing private keys, seed phrases, and front-end replacements. Often, perpetrators employed social engineering tactics or insider assistance.

Grigory Osipov, Director of Investigations at «Shard,» provided guidance on what to do if one becomes a victim of crypto fraud.

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