Key Highlights

• Russia’s largest bank Sberbank will introduce cryptocurrency wallet services via its digital platforms.

• New digital asset legislation in Russia may become active from September 1.

• The bank intends to establish a digital depository for cryptocurrency custody by year-end.

• Other major institutions including Moscow Exchange, VTB, and T-Bank are developing similar offerings.

• Russia’s approach to digital assets is evolving from restriction toward licensed market participation.

Russia’s dominant banking institution Sberbank is preparing to enter the cryptocurrency sector with a digital wallet and custody solution as federal authorities advance comprehensive digital asset regulations. The financial giant intends to integrate licensed cryptocurrency functionality into its existing consumer-facing platforms. This strategic initiative represents a significant reversal in a market historically characterized by governmental constraints.

Banking Giant Develops Crypto Infrastructure Under Legislative Framework

The institution plans to roll out its cryptocurrency wallet functionality through both Sberbank Online and SberInvestments platforms following parliamentary approval of pending legislation. During remarks at the Bank of Russia Financial Congress, Kirill Tsarev, who serves as first deputy chairman at Sberbank, detailed the institution’s roadmap. He emphasized that consumer-facing services would be developed in alignment with evolving regulatory guidelines.

The legislative proposal, formally titled “On Digital Currency and Digital Rights,” is anticipated to enter into force on September 1. This implementation date was confirmed by Vladimir Chistyukhin, First Deputy Chairman at Russia’s central bank, according to RBC reporting. Sberbank awaits the publication of finalized legislative text to establish more precise operational timelines.

Beyond wallet services, Sberbank is developing comprehensive infrastructure to support cryptocurrency trading and digital asset record-keeping. The financial institution has set a December 1 target date for launching a digital depository designed to safeguard and track cryptocurrency holdings. Distribution through mobile app marketplaces could present challenges, particularly regarding platform-specific approval processes.

Federal Authorities Establish Licensed Digital Asset Ecosystem

The emerging regulatory structure will authorize licensed entities to provide various cryptocurrency-related financial services. These organizations may be permitted to facilitate trading operations, asset custody, fiat-to-crypto conversion, and international cryptocurrency settlement functions. Traditional banking institutions and established exchanges will gain market entry under direct oversight from financial authorities.

Sberbank is evaluating the possibility of serving as a domestic gateway for international cryptocurrency trading platforms. Such an arrangement would require compliance with Russian regulatory standards and acceptance of terms established by foreign exchanges. This intermediary model could enable Russian citizens to participate in global cryptocurrency markets through domestically approved channels.

Moscow Exchange has announced intentions to commence cryptocurrency trading operations before 2026 concludes. The exchange anticipates moving forward after legislative approval and subsequent regulatory guidance. Concurrently, VTB and T-Bank have disclosed plans to establish their respective digital custody solutions.

Russian Policy Evolves From Prohibition Toward Supervised Market Participation

For several years, Russian authorities maintained restrictive policies regarding cryptocurrency within the domestic financial ecosystem. The Bank of Russia advocated for extensive limitations in 2022, citing potential threats to financial system stability. The Finance Ministry, however, favored a regulatory approach rather than comprehensive prohibition.

President Vladimir Putin subsequently enacted regulations prohibiting cryptocurrency as a payment method for commercial transactions. Nevertheless, international sanctions created demand for alternative settlement mechanisms after Russian financial institutions encountered barriers in traditional payment networks. Consequently, Russia authorized cryptocurrency mining operations and pilot programs for cross-border crypto settlements during 2024.

The forthcoming regulatory framework will permit domestic cryptocurrency trading within experimental parameters and impose annual transaction limits for retail participants. Market participants will receive a transition window extending to July 1, 2027, to complete official registration procedures. Sberbank’s strategic initiative demonstrates how Russia’s leading financial institutions now anticipate the emergence of a supervised cryptocurrency marketplace.

Belgium’s financial markets regulator warned consumers against six crypto-asset service providers (CASPs) it said were operating in the country without authorization, days after the European Union’s Markets in Crypto-Assets (MiCA) licensing deadline took effect. 

On Monday, the Financial Services and Markets Authority (FSMA) identified several CASPs active in Belgium without authorization under MiCA regulation. FSMA named Aurum Foundation, Bank Bit, Bithf Pro, Dxago, Global Dynamic Trade and ZeriaFunding. The regulator said it had added these entities to its list of fraudulent CASPs. 

The warning indicates that national regulators are beginning to apply the MiCA licensing perimeter following the EU’s transitional period, which ended on July 1. 

The Brussels-based regulator strongly advised consumers not to accept offers from the named companies and told users to check whether a provider is listed in its official CASP register. The FSMA also warned that crypto assets can be volatile, may suffer from liquidity limitations and are not covered by a compensation scheme that could reimburse users for potential losses. 

Cointelegraph contacted FSMA for more information but did not receive a response by the time of publication.

List of unregistered CASPs. Source: FSMA

MiCA deadline starts enforcement phase across Europe

MiCA entered into force at the end of 2024, creating a harmonized EU framework for CASPs and issuers. Under Belgium’s FSMA guidance, only authorized CASPs are permitted to offer crypto asset services like custody, trading platforms, crypto-to-fiat exchange, crypto-to-crypto exchange, order execution, transfer services, advice and portfolio management.

Belgium’s transitional regime expired on July 1, the same date by which existing providers across the EU generally had to obtain authorization or stop offering crypto-asset services.

Related: Germany leads MiCA crypto authorization race as Europe’s deadline looms

The deadline has been a major pressure point for crypto companies operating in the bloc. On June 24, crypto exchange Binance withdrew its MiCA application filed in Greece and planned to seek authorization in another EU jurisdiction just days before the July 1 deadline. 

At the time, the exchange said it was “not leaving Europe” but acknowledged some users could be affected as it worked to comply with applicable requirements.

Magazine: Bitcoin slides to $58K, XRP hits $1 but onchain data promising: Market Moves

Key Takeaways

• Shares of Intel began Monday’s session at $120.35, helping drive a semiconductor sector recovery following two weeks of declines in the SOX benchmark.
• Information technology earnings projections have jumped 10% throughout Q2; Intel and Sandisk show the strongest estimate growth.
• Wall Street now forecasts Intel’s Q2 earnings per share at $0.21, a significant increase from the $0.08 projection on March 31.
• Several institutional players expanded their INTC holdings during Q2, with institutions and hedge funds controlling 64.53% of shares outstanding.
• HSBC maintains a Buy rating with a $200 price target, while Goldman Sachs assigned a neutral stance with a $150 objective.

Intel shares opened Monday’s trading at $120.35 as semiconductor stocks recovered from back-to-back weekly declines that pressured the PHLX Semiconductor Index (SOX).

Intel Corp., INTC

Sandisk (SNDK) and Western Digital (WDC) also experienced approximately 4% gains after suffering significant losses during Thursday’s selloff.

The semiconductor recovery materialized as market participants shifted focus toward the approaching earnings reporting period, where technology sector expectations have been strengthening.

FactSet data reveals that information technology sector earnings forecasts have advanced 10% since the second quarter’s April 1 start date. This positions IT just behind the energy sector, which has witnessed a dramatic 50% surge in estimates during the identical timeframe.

Intel and Sandisk are spearheading the technology sector’s earnings-per-share estimate improvements on a percentage basis since the end of March. Sandisk also appears near the top when measured in absolute dollar terms, alongside Micron (MU), Nvidia (NVDA), and Apple.

Regarding Intel’s specific outlook, Wall Street analysts currently project Q2 EPS of $0.21, representing a substantial increase from the $0.08 forecast that existed at the quarter’s beginning. Intel’s management has issued Q2 guidance calling for $0.20 EPS.

Institutional Ownership Continues Growing

Numerous institutional investment firms expanded their Intel holdings during the second quarter. Walkner Condon Financial Advisors established a fresh position valued at approximately $224,000 through the purchase of 5,068 shares. Sivia Capital Partners expanded its Intel stake by 271.7%, bringing its total to 34,201 shares valued at $766,000. NewEdge Advisors increased its position by 29.6%, now holding 158,277 shares.

In total, hedge funds and institutional investors maintain ownership of 64.53% of Intel stock.

On the insider transaction front, Executive Vice President April Miller divested 40,256 shares on May 1 at an average price of $99.53 per share, generating proceeds exceeding $4 million. This transaction decreased her ownership percentage by 27.7%.

Street Price Targets Show Wide Dispersion

Analyst price objectives for Intel demonstrate considerable variance across Wall Street. HSBC elevated its target to $200 while maintaining a Buy recommendation, citing advancement in Intel’s foundry operations and possible collaborations with Apple, Nvidia, and Amazon.

Goldman Sachs launched coverage on June 25 with a neutral assessment and a $150 price objective. Mizuho established a $135 target on June 21. TD Cowen maintains a Hold rating with a $75 price goal. Rosenblatt carries a Sell rating alongside a $50 target.

The aggregate consensus among 49 Wall Street analysts establishes a “Hold” rating with an average price target of $96.69.

Intel’s latest quarterly results, disclosed on April 23, revealed Q1 EPS of $0.29, surpassing the $0.01 consensus estimate by $0.28. Revenue totaled $13.58 billion, exceeding the $12.32 billion projection and representing a 7.4% year-over-year increase.

The stock’s 52-week trading range spans from $18.97 to $142.35. Its 200-day moving average stands at $71.20, considerably below current trading levels. Intel maintains a market capitalization of $604.88 billion with a beta coefficient of 2.18.

Strategy (MSTR) sold 3,588 bitcoin for approximately $216 million last week, reducing its total holdings to 843,775 BTC, according to a Monday SEC filing.

The company said proceeds from the bitcoin sales will be used to fund distributions on its preferred stock and replenish the portion of its U.S. dollar reserve used for those payments. As of July 5, the USD reserve totaled $2.55 billion.

The latest sales were executed at an average price of roughly $60,000 per bitcoin and are dramatically higher than the 32 bitcoin sold by the company about one month ago, which sent crypto prices plunging. Strategy currently holds 843,775 BTC acquired for approximately $63.69 billion, or an average purchase price of $75,476 per bitcoin.

Strategy also said it did not sell any shares under its at-the-market equity program during the week ended July, and did not repurchase any shares under its buyback programs. The company added that the full $1.25 billion capacity under its recently announced BTC Monetization Program remains available.

Strategy shares are down 2% in pre-market trading and bitcoin has given up much of its weekend gain, trading down to $61,900 from $62,900 prior to the announcement.

TLDR

• Solana added 1.60 million new addresses in two weeks, showing stronger network participation.
• SOL held its short-term uptrend as buyers defended key support levels.
• Analysts identified $85.81, $88.79, and $93.95 as the next upside targets.
• The $86 to $94 zone remains the main resistance area for Solana’s breakout setup.

Solana price prediction remains positive after on-chain activity strengthened and technical support stayed intact. Network data showed 1.60 million new addresses joined within two weeks. Meanwhile, SOL continued holding higher lows while resistance near $94 remained the next focus.

Network activity strengthens Solana’s market outlook

Solana price prediction gained attention after fresh on-chain data highlighted steady network expansion. Ali Charts reported 1.60 million new addresses during the past two weeks. The figures reflected stronger participation across the broader Solana ecosystem.

The total address count increased from about 6.8 million to 8.6 million during the measured period. That increase suggested rising activity beyond short-term market movements. Consequently, stronger network participation supported improving market conditions.

Solana price prediction also received support because expanding addresses often reflect growing ecosystem usage. However, address growth alone cannot confirm a sustained price breakout. Even so, consistent participation strengthened the broader bullish structure.

Price structure keeps the bullish trend intact

Solana price prediction remained constructive because SOL preserved its short-term upward trend. More Crypto Online said, “there is still no clear sign that a local top has formed.” The Elliott Wave structure continued pointing toward higher resistance levels.

The analyst identified immediate support near $80.38 for the ongoing structure. Additional support rested near $78.22 and $76.52. Therefore, holding those levels would preserve the current higher-low pattern.

Solana price prediction continued favoring upside targets while buyers defended key support levels. The chart highlighted resistance near $85.81, $88.79, and $93.95. Those levels represented the next technical objectives if momentum continued.

Resistance near $94 remains the next target

Solana price prediction focused on the $86-$94 resistance area as buying pressure persisted. Market structure remained positive because price respected higher lows. Consequently, traders monitored resistance without disrupting the prevailing trend.

A deeper decline could return the $71.17-$64.68 region into focus. That move would weaken the current short-term technical picture. However, it would still fit a broader corrective structure.

Solana price prediction continued to rely on network growth and stable price action together. Strong address creation supported the technical outlook during recent sessions. Therefore, sustained participation and higher lows kept the $94 breakout scenario active.

Bitcoin (BTC) starts the second week of June near two-week highs with traders keen to see bullish continuation.

Key points:

• BTC price action targets nearby liquidity as a trader names the “most important” support zone to hold next.
• US stock-market performance gives analysis reason to believe that the good times will continue amid “record” retail risk appetite.
• A stock-market correction is not out of the question, new warnings conclude, but Bitcoin should have already priced in the fallout.
• Exchange inflow data reveals cooling panic among both retail and whale investors.
• Crypto market sentiment is at monthly highs, on the cusp of exiting “extreme fear.”

Bitcoin key support emerges as bulls eye $64,000

Bitcoin kept up pressure on short positions into the weekly close, hitting $63,960 — its highest levels since June 23, per data from TradingView.

BTC/USD four-hour chart. Source: Cointelegraph/TradingView

Total crypto short liquidations for the 24 hours to the time of writing were just over $100 million, CoinGlass reports.

BTC/USD vs. crypto liquidation history (screenshot). Source: CoinGlass

Commenting on low time frames, X account Exitpump was among those attributing the moves to liquidity hunts.

“Seeing aggressive selling from spot markets, spot CVD (yellow) trending down while perps CVD (blue) is flat,” they reported on Monday, referring to cumulative volume delta on exchange order books.

BTC/USD chart with order-book data. Source: Exitpump/X

In the event of a reversal downward, trader Killa called the zone between $60,400 and $60,900 Bitcoin’s “most important.”

“If we cannot hold this price region on a revisit, I’m afraid we are going to trend directly to the lows again. Something to watch out for next week,” the analyst told X followers.

BTC/USD chart. Source: Killa/X

As Cointelegraph continues to report, market participants still see Bitcoin’s bear-market low as yet to come — despite a growing number of bullish trend reversal signals.

Trader Roman, who was long bearish on BTC/USD, stayed optimistic on longer time frames this week.

“Still looking excellent to continue our reversal to see higher prices in the interim,” an X post read.

“I still have a feeling we put in one more macro low before the bottom is officially in, but there are dozens of macro reversal signs all over HTF.”

BTC/USDT one-week chart. Source: Roman/X

Retail risk appetite hits record levels

Bitcoin’s waning ability to copy equities is under the microscope this week as US stock futures start higher after the holiday weekend.

While BTC/USD managed a trip to near two-week highs, Nasdaq 100 futures added 1% as analysts remain bullish on the broader US outlook.

“Although the S&P 500 is coming off a hot second quarter with a 15% gain, the index topped in early June and has yet to make a new high,” trading resource Mosaic Asset Company wrote in the latest edition of its regular newsletter, The Market Mosaic. 

“But the S&P 500 trading within a bullish continuation pattern and has been finding support at a key level.”

S&P 500 market data. Source: Mosaic Asset Company

Mosaic added that the average stock “has been rallying to new record highs.”

“That includes the equal-weight S&P 500, small-cap stocks with the Russell 2000 Index, and the NYSE advance/decline line. New highs minus new lows across major exchanges are jumping higher as well,” it noted. 

As Cointelegraph reported, recent US inflation and labor-market data helped soften markets’ hawkish expectations for Federal Reserve policy last week.

The latest data from CME Group’s FedWatch Tool sees the Fed holding interest rates at current levels in both July and September.

Fed target rate probabilities (screenshot). Source: CME Group

Another potential macro tailwind for Bitcoin comes in the form of retail investor demand for risk — despite the cohort’s crypto exodus this year. Analyzing options data, trading resource The Kobeissi Letter described retail risk appetite as being “at record levels.”

“Retail demand for short-term options has never been higher,” it reported on X.

This week, the Fed will release the minutes of its June meeting, where it likewise kept rates steady. Markets will also react to Purchasing Managers Index (PMI) numbers, along with more employment data releases.

“We expect another volatile week ahead as markets brace for earnings season,” Kobeissi added.

Warning over pre-midterm stock market correction

Looking ahead, not all market participants are convinced that the persistent stocks bull market will last. Among them is Andre Dragosch, European head of research at crypto asset manager Bitwise. 

“What if there is a bigger stock market correction right before the Midterms?” he queried in X posts on Monday, referring to upcoming US elections.

Dragosch flagged the latest data from the MacroQuant Equity Risk Model by macro analytics company BCA Research. This, he warned, was “flashing a bear market warning signal.”

An accompanying chart likened current readings to those last seen in late 2021, when Bitcoin saw the top of its previous bull market.

Source: Andre Dragosch/X

In an extended X post last week, Dragosch nonetheless reasoned that crypto markets had already priced in much of the worst-case scenario that could hit macro in the future: a stock market comedown and a US recession.

“In other words, even if a AI crash and a subsequent US recession materialized, much of that pain appears to be already reflected in Bitcoin prices, which points to reduced downside from here,” he summarized.

Dragosch gave Bitcoin a “decent chance” of outperforming the Nasdaq “on a relative basis over the coming months.”

Whales lead exchange inflow drop

New data reveals that Bitcoin investors cooled selling significantly in the second half of June — even as price set new multi-year lows.

In a QuickTake blog post, onchain analytics platform CryptoQuant confirmed that inflows to exchanges had decreased from both retail and whale investors alike.

“Bitcoin whale activity on Binance has cooled sharply since mid-June, with the rolling 30-day value of whale inflows falling by nearly $2.4 billion,” contributor Amr Taha confirmed.

Retail investor inflows displayed a shallower rate of decline, falling from $10.02 billion on June 12 to $8.2 billion on July 6.

“Whale inflows fell at nearly twice the rate of retail inflows, reducing the relative role of large holders in exchange-bound Bitcoin supply. Meanwhile, the gap between retail and whale inflows widened from about $2.98 billion to $3.55 billion,” Taha continued.

Bitcoin whale exchange flows to Binance (screenshot). Source: CryptoQuant

Earlier, Cointelegraph reported on whales’ overall market conviction improving around the lows.

CryptoQuant notes that exchange inflows are not an infallible signal of investors’ intent to sell.

“The key question now is whether Binance whale inflows stabilize around the current $4.65 billion level or continue moving lower,” Taha concluded. 

“A further decline would reinforce the view that large Bitcoin holders are becoming less active on the exchange compared with the retail cohort.”

Crypto market fear “easing, not gone”

Bitcoin’s modest recovery was enough to boost crypto market sentiment considerably this week.

Related: Bollinger Bands creator eyes Bitcoin bear-market end, ‘W’-shaped reversal

The latest readings from the Crypto Fear & Greed Index show that aggregate sentiment is on the verge of exiting “extreme fear” for the first time in over a month.

Fear & Greed measured 24/100 on Monday, more than double its score at the start of July.

“That’s a clear improvement from recent lows. But the market is still in Extreme Fear,” trader Master of Crypto responded on X. 

“Fear is easing, not gone.”

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

As a lagging indicator, Fear & Greed tends to mirror existing shifts in market behavior post factum. While the Index is calculated based on a basket of factors, it lacks the ability to predict future trend continuation.

In his latest analysis published this week, commentator and blockchain advisor Anndy Lian argued that Bitcoin bulls needed to back up their optimism with tangible price moves.

“A successful breakout above that US$65,000 threshold would open the door to a broader test of the 100-day moving average, which currently hovers near US$69,500,” he wrote. 

“Conversely, failing to sustain the current momentum carries severe downside risks.”

Coinbase sent a push notification about Norway beating Brazil in their World Cup match yesterday hours before the result of the match was actually decided.

The company’s AI hallucinated the “news” and, because Coinbase employees have permitted non-fact-checked push notifications in the first place, the computer blasted it onto the phones of countless customers. 

Despite Coinbase’s 3-2 score turning out to be wrong, Norway did actually emerge victorious, winning 2-1 against the five-time world champions with Norway and Manchester City striker Erling Haaland scoring the goals.

Disconcertingly, Coinbase’s AI had also made up commentary about Haaland being the goalscorer before either of his actual goals hit the net.

Obviously, there are only two possible team names for the winner of a soccer game, so Coinbase guessing this isn’t particularly remarkable. Haaland is also Norway’s leading goalscorer, so he was also pretty likely to be the man to get the goals.

Still, Coinbase’s push notification was enough to generate hundreds of thousands of views worth of social media controversy.