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Crypto exchanges 03.07: Bitcoin back near 62,000

Friday, 3 July, closed the first full MiCA week with a market rebound: Bitcoin climbed above 61,000 dollars and briefly touched 62,117 dollars - the first serious recovery attempt after a 652-day low. Binance publicly pushed back on reports that ESMA informally urged national regulators to reject its applications, while Latvia consolidates its position as a licensing hub with seven authorised firms.

Toms Ābeltiņš

5 July 20266 min read

Friday, 3 July: Bitcoin recovered above 61,000 dollars and briefly hit 62,117 dollars after a weaker-than-expected US June jobs report - the first rebound since Monday's 652-day low. Binance publicly disputed reports that ESMA informally urged national regulators to reject its MiCA applications. Latvijas Banka now counts seven licensed firms, the Bank of Lithuania reminded the market of the transitional-period limits, and Firi begins its Swedish expansion with the aim of becoming number one.

Friday, 3 July 2026, closed the first week of the full MiCA regime in the European Economic Area with a notable shift in market sentiment. Bitcoin, which had fallen to its lowest level in 652 days at the start of the week, recovered above 61,000 dollars and briefly crossed the 62,000 dollar mark overnight into Friday. On the regulatory front, the aftermath of 1 July continued: Binance publicly responded to reports of regulatory pressure, while licensed market participants in the Baltics and the Nordics kept strengthening their positions.

Bitcoin returns above 61,000 dollars

After a heavy June, which became Bitcoin's worst month since 2022, July has started with a recovery. On Friday, 3 July, Bitcoin opened the day at around 61,500 dollars - up 2.5 percent from Thursday's open - and traded at around 61,850 dollars in the US morning hours. Overnight from Thursday to Friday, the price briefly reached 62,117 dollars but met resistance near the 62,000 dollar level.

The main driver of the rebound was the US June jobs report, which came in weaker than expected and reinforced market hopes for faster interest rate cuts. Risk assets, including cryptocurrencies, responded with gains, and market commentators are already cautiously talking about a "green July" scenario. At the same time, it is worth remembering that Bitcoin was still trading at 57,950 dollars on Monday, so one day of gains does not yet change the overall cautious mood.

Binance answers its critics: judge MiCA by who it licenses

The most visible regulatory event on Friday was Binance's public reaction to media reports that the European Securities and Markets Authority (ESMA) had informally urged national regulators to reject the exchange's MiCA applications. The concerns cited in the reports relate to Binance's anti-money-laundering track record and the role of co-founder Changpeng Zhao in the company. Binance's position is that the MiCA framework should be judged by who it licenses, not by who it excludes from the market.

The practical situation for EU users remains unchanged: after withdrawing its application in Greece at the end of June, Binance no longer provides most services to EU clients as of 1 July, though withdrawals remain open. The company has previously indicated that it plans its next licensing attempt in France. For Baltic and Nordic users who have not yet moved to licensed platforms, this story is a reminder to do so in good time.

The first week of the new regime: around 210 licences

The first days of the full MiCA regime confirm the picture that was already known: of the more than 1,200 firms that operated with national VASP registrations before MiCA, only about a fifth have obtained full CASP authorisation. Unlicensed platforms that continue to serve EU clients now face fines of up to 15 million euros or 12.5 percent of annual turnover, and ESMA expects national regulators to act firmly against violators.

At the user level, this is showing up as blocked deposits on unlicensed platforms and calls to withdraw funds. Industry analysts estimate that some of the firms that failed to obtain a licence will opt for an orderly wind-down, a transfer of clients to a licensed CASP, or a merger with a licence holder.

The Baltics: Latvia consolidates its position as a licensing hub

Latvijas Banka enters the first week of July with seven companies authorised to provide crypto-asset services, including AS TWINO Investments, SIA AlphaRoute (operating as Kanga), as well as SIA Paybis Europe and SIA Trek Technologies, both of which received dual licences - for crypto-asset services and for operating as payment institutions. The regulator's licensing process, which typically takes 60 to 90 days from a complete application, and a turnover-based supervision fee make Latvia one of the most cost-competitive licensing hubs in the EEA. Industry observers describe the Baltics as Europe's "gateway" for MiCA licences: Latvia offers the fastest route to market, Lithuania the largest fintech ecosystem, and Estonia a tax-efficient environment for long-term operations.

The Bank of Lithuania, for its part, has reminded the market that transitional-period firms with national registrations were only allowed to provide services in their country of registration and that operating without a MiCA licence now constitutes illegal financial activity. In Estonia, following the annulment of the old FIU licences on 1 July, only firms with a MiCA authorisation issued by Finantsinspektsioon or another EEA supervisor remain in the market.

The Nordics: Firi aims for the top spot in Sweden

In the Nordics, the main story is the expansion of licensed exchanges into the space left by Binance. Norway's Firi, the largest crypto exchange in the region with more than 400,000 users, has begun its entry into Sweden after receiving its CASP licence from Finanstilsynet in May - its third market after Norway and Denmark - and the company has openly stated its goal of becoming number one there as well. The Swedish expansion is led by country manager Ted Scheiman, who has been with the team since March.

In Finland, Coinmotion and Northcrypto continue to operate with full licences, while Norway's NBX is exploring e-money licensing as a new business line. In the Swedish market, the regulated infrastructure was expanded in June by AllUnity's SEKAU - the first MiCA-compliant Swedish krona stablecoin, whose issuer promises to add another five to six currencies by autumn.

What this means for users

The first full MiCA week in the region has passed without major disruptions, and Friday's market rebound improved sentiment, but the fundamentals remain the same. A platform's licence status can be checked in the ESMA register or in the public lists of Latvijas Banka, the Bank of Lithuania, Finantsinspektsioon and FIN-FSA. Funds on unlicensed platforms sit outside the EU's consumer protection mechanisms and should be moved in good time to a licensed exchange or a self-custody wallet. And one day of price gains does not change the fact that the market is still only days away from its lowest point in more than 21 months.

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