The President of Kazakhstan has signed a decree to develop the crypto industry, the EU plans to expand MiCA to DeFi, and the U.S. Bitcoin reserve is stuck in bureaucratic limbo, among other events from the past week.

Bitcoin Shows Resilience, Encouraging Investors

At the start of the week, the price of the leading cryptocurrency fell below $62,000 amid renewed tensions between Iran and the U.S.

Hourly chart of BTC/USD on Binance. Data: TradingView.

However, Bitcoin remained stable in response to further U.S. military actions and the IRGC's announcement regarding the closure of the Strait of Hormuz. By the weekend, the price had recovered to around $64,000.

Over the week, the asset's price increased by 2.2%. Ethereum followed a similar trend, gaining 2.6%. Most major altcoins fell into the "red zone," with Dogecoin and Solana experiencing the largest declines of 4% and 4.4%, respectively.

Source: CoinMarketCap.

Spot Bitcoin ETFs ended an eight-week streak of outflows, attracting $197.4 million. The total asset value in these products rose to $77.4 billion, although it has lost about 32% since the beginning of the year.

Source: SoSoValue.

Ethereum-based funds showed similar dynamics, with $84.4 million flowing into these instruments over the week. The total AUM recovered to $9.6 billion.

Source: SoSoValue.

The cryptocurrency fear and greed index has moved out of the extreme fear zone, slightly rising to 26 points.

Source: Alternative.me.

The total market capitalization increased from $2.07 trillion to $2.2 trillion, with Bitcoin's dominance remaining at 58.4%. Ethereum's share continued to grow, reaching 9.9% compared to 9.8% the previous week.

Kazakhstan's President Signs Decree to Develop Crypto Industry

President Kassym-Jomart Tokayev has signed a decree titled "On Measures to Stimulate and Develop the Digital Asset Industry in the Republic of Kazakhstan." The document aims to create a "modern and transparent ecosystem for digital financial services."

The decree was prepared by the Ministry of Artificial Intelligence and Digital Development, the National Bank, relevant government agencies, and the Astana International Financial Centre.

It outlines mechanisms for using digital assets and stablecoins in cross-border transactions, aiming to provide businesses with additional channels for export-import operations within a regulated framework.

A separate section addresses bringing crypto asset operations into the legal sphere, including voluntary disclosure of digital assets previously held on foreign unregulated platforms and their transfer to domestic providers.

For individuals, there are plans to exempt income from digital asset operations through the regulated Kazakh infrastructure from individual income tax.

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EU to Expand MiCA to DeFi and NFTs

On July 7, the European Parliament (EP) approved an official position on further regulation of digital assets.

The report from the voting results, titled "Digital Assets – Challenges for the Competitiveness and Integrity of the European Union's Financial System," has become the EP's official political stance on digital assets. It does not introduce direct changes to MiCA or create new legal obligations for crypto companies.

Parliamentarians are calling for expanded oversight and clear rules for sectors that remain outside the regulation:

  • DeFi;
  • crypto lending and borrowing;
  • staking;
  • NFTs.

This comes right after the transitional period for MiCA ended on July 1, and crypto companies in the EU transitioned to mandatory licensing. The main goal of policymakers is to prevent individual countries within the bloc from creating their own local rules and fragmenting the single market.

Bloomberg: Interagency Disputes Delay Creation of U.S. Bitcoin Reserve

The Trump administration's initiative to create a U.S. Strategic Bitcoin Reserve (SBR) has faced obstacles due to disagreements between departments regarding its structure and oversight.

Although a presidential decree from March 2025 proposed placing the SBR within the Treasury, concerns arose about whether the government agency has the legal authority to manage the volatile digital gold reserves. Consequently, the Department of Commerce has become the next contender.

The Department of Justice is collaborating with both departments to explore legally viable options while the White House continues to assess the optimal structure for implementing a plan aimed at making the U.S. the "crypto capital of the world."

The U.S. holds the largest state reserve of 328,372 BTC, valued at approximately $21 billion.

Simultaneously, Congress is advancing the BITCOIN Act and the American Reserve Modernization Act of 2026 (ARMA), which aim to acquire 1,000,000 BTC over five years using budget-neutral strategies.

Also on ForkLog:

  • CertiK estimates the crypto industry's losses from hacks at $1.32 billion over six months.
  • Exchange AscendEX and service Zapper announced their closure.
  • ETH Zurich has developed a quantum chip with mechanical memory.
  • SpaceXAI released Grok 4.5, focusing on price and speed.

What Else to Read?

We analyzed strategies that allow for profit during a bear market, the risks associated with each, and how to recognize signs of an approaching market bottom.

We explained in new cards what federated information systems are and how they differ from centralized and decentralized systems.

We compiled the most notable security events of the week in our traditional digest.