Gate Research Institute: The crypto market falls under the impact of geopolitical shocks｜Korean payment giant Kakao Pay lays out a won stablecoin

Crypto Market Overview

• BTC (-1.26% | Current Price 101,106 USDT): Affected by geopolitical factors, BTC fell and touched around 98,000 USDT before showing a significant rebound, forming a prototype of a V-shaped reversal. The short-term support level is at 98,000 USDT, while the resistance level is at 101,500 USDT. If it can effectively break through this resistance with increased volume, BTC is expected to further rise to the range of 102,800-103,500 USDT; on the contrary, if it breaks below the support of 98,000 USDT, one should be cautious of the risk of further price declines. On June 20, BTC ETF inflow was 6.4 million USD, of which BlackRock IBIT had an inflow of 46.9 million USD, and Fidelity FBTC had an outflow of 40.5 million USD.
• ETH (-0.84% | Current price 2,242 USDT): ETH has accelerated its decline and has broken through multiple key support levels, quickly rebounding after hitting a low near 2,110 USDT, and is currently oscillating around 2,230 USDT. The current price is in a short-term sideways consolidation range, with support levels between 2,180-2,200 USDT and resistance levels in the 2,260-2,280 USDT range. If it can break through 2,280 USDT with significant volume, it is expected to challenge the 2,340 USDT line; if it falls below 2,180 USDT, it may retest the previous low support. On June 20, ETH ETF had a net outflow of 11.3 million USD, with BlackRock's ETHA seeing an outflow of 19.7 million USD, and Grayscale's ETH inflow of 6.6 million USD.
• Altcoins: The market generally follows the overall trend and has significantly declined. The fear and greed index today reports at 47, indicating that market sentiment is in a neutral to fearful range.
• Macro: On June 20, the S&P 500 index fell by 0.22% to 5,967.84 points; the Dow Jones index rose by 0.08% to 42,206.82 points; the Nasdaq index fell by 0.51% to 19,447.41 points. As of June 23, 10:30 AM (UTC+8), the spot gold price is reported at $3,362.9 per ounce, with a 24H decline of 0.16%.

Popular Tokens on Juejin

IP Story (+14.67%, circulating market value 756 million USD)

According to Gate.io market data, the current price of the IP token is $3.079, with a 24-hour increase of 14.67%. Story Protocol is a Layer 1 blockchain designed specifically for the tokenization of intellectual property. By putting scientific, creative, and brand IP on-chain, Story Protocol allows users to programmatically set and automate the monetization terms of how agents and humans use their IP. The IP token serves as the basic medium of exchange for the network, supporting efficient transaction processing and fair resource distribution. Whenever intellectual property assets are used, exchanged, or generate revenue, the related functions are realized through transparent fee payments with IP tokens.

Against the backdrop of a general market correction, the rise of IP tokens is mainly driven by multiple factors. From a technical perspective, after a period of consolidation, it broke out with increased volume on the morning of the 23rd, significantly amplifying trading volume and indicating signs of active capital entering the market. Coupled with the previously formed technical structure of higher bottoms, it has released the upward momentum built up earlier. In addition, as a core asset within the Story Protocol ecosystem, its official announcement today (the 23rd) on the X platform indicates that significant events are about to occur. This may benefit from positive news or progress within its ecosystem, thereby increasing market attention in the IP sector. Meanwhile, during the adjustments of mainstream assets, IP, as a small-cap token, possesses strong upward elasticity, attracting some speculative funds to engage in short-term contrarian performance.

HYPE Hyperliquid (+7.31%, circulating market value 11.963 billion USD)

According to Gate.io market data, the current price of HYPE token is $35.728, with a 24-hour increase of 7.31%. Hyperliquid is a decentralized perpetual contract trading platform built on its own Layer-1 blockchain, utilizing the HyperBFT consensus mechanism, supporting on-chain order books, and capable of processing up to 100,000 orders per second. The HYPE token serves as the core asset of the platform, used for trading fees, staking rewards, and governance.

From a technical point of view, the HYPE token has retraced from a high of $40 since June 20, and completed a bottom oscillation in the $31–34 range from the 21st to the 22nd, showing a clear support structure. After entering the evening of the 22nd, the price rose steadily under the impetus of the volume, and the continuous positive line broke through the consolidation range, and is currently running stably above $35, with both volume and price rising, reflecting the signal of active entry of funds. There is also a fundamental catalyst behind the rally. NASDAQ-listed Lion Group announced that it has received $600 million in funding, intends to use HYPE as its main reserve asset, and jointly build a new generation of Layer-1 treasury system with SUI and SOL; Eyenovia also disclosed that it has reached a $50 million PIPE agreement with the institution, and plans to set up a crypto asset reserve pool with HYPE as the core. The narrative drive and the resonance of capital entry have become the core drivers of this round of rebound.

KAIA Kaia (+6.54%, circulating market value 1.123 billion USD)

According to Gate.io market data, the current price of the KAIA token is $0.193, with an increase of 6.54% in the past 24 hours. KAIA is the native encryption currency of the Kaia blockchain, used to enhance network security and pay transaction fees. The Kaia blockchain is formed by the merger of Klaytn developed by Kakao and Finschia developed by LINE, serving as an EVM-compatible L1 blockchain, with extremely low transaction latency, a 1-second block time, and instant transaction finality, providing a solid foundation and smooth user experience for applications that require real-time responses.

The recent rise of the KAIA token is a direct reflection of the triple resonance of favorable policies, ecological expansion, and market sentiment. With the new South Korean president Lee Jae-myung taking office and supporting the Korean won stablecoin policy, the Kaia Foundation quickly seized the opportunity to collaborate with local giants such as Kakao Pay and LINE NEXT, actively promoting the implementation of the Korean won stablecoin. This series of measures has significantly boosted market confidence. On-chain data shows that since June 9, the daily trading volume of the Kaia network DEX has surged from less than $100,000 to $2 million, while the TVL has also jumped to over $37 million. These figures indicate a significant increase in capital activity, collectively driving the strong performance of the KAIA token.

Alpha Interpretation

South Korean payment giant Kakao Pay announced the launch of its Korean won stablecoin business.

South Korean payment giant Kakao Pay is accelerating its layout in the Korean won stablecoin track, having recently submitted 18 trademark applications to the Korean Patent Office that include combinations of "KRW" and the company logo (such as KRWKP, KRWP, etc.), covering areas such as virtual asset trading, electronic transfers, and related financial intermediary services. The market generally interprets this move as a proactive response to the imminent implementation of the "Digital Asset Basic Law"—which will provide a legal basis for private institutions to issue Korean won stablecoins. Meanwhile, South Korean gaming company Nexthurs has also publicly expressed its intention to participate in the competition for the qualification to issue Korean won stablecoins, indicating that competition surrounding local currency stablecoins is rapidly heating up.

Kakao Pay is the first to布局 the Korean won stablecoin, which not only quickly responds to policy dividends but also demonstrates its intention to gain a first-mover advantage in digital financial infrastructure. As the "Digital Asset Basic Law" clearly allows for the private issuance of stablecoins, the Korean stablecoin track is moving from the narrative stage into a period of substantial competition. Kakao Pay, with its extensive coverage in payment scenarios and ecosystem integration capabilities, is expected to become a key driver of the Korean won stablecoin. At the market level, the expectation for the implementation of the Korean won stablecoin is also becoming a core catalyst for the short-term rise of local blockchain projects, including Kakao Pay.

The developments in Iran have raised geopolitical concerns, leading to a decline in the crypto market.

Affected by the news of Iran possibly blocking the Strait of Hormuz, market risk aversion has surged, putting pressure on crypto assets. Bitcoin briefly fell below $100,000 on Sunday, hitting a new low since May; Ethereum retreated to early May levels, and XRP plummeted to its lowest point since early April. The Strait of Hormuz is a strategic passage connecting the Persian Gulf and the Arabian Sea, located between Iran and Oman, carrying about 20% of the world's oil transportation. If the situation escalates, it could cause systemic shocks to global energy supply and risk assets.

Iran's movements have raised geopolitical concerns, leading capital to flow into safe-haven assets, which has exacerbated market volatility. The tensions in the Strait of Hormuz once again highlight the significant influence of geopolitics on global markets, especially in the risk asset market. As one of the world's most important energy transportation routes, a blockade of this strait would not only drive up crude oil prices but could also trigger a rebound in global inflation expectations, subsequently triggering a chain reaction of investor responses to liquidity tightening and risk asset sell-offs. The extreme volatility in the crypto market reflects its heightened sensitivity and lack of safe-haven characteristics when facing global macroeconomic and geopolitical shocks. The decline of mainstream cryptocurrencies such as Bitcoin and Ethereum is not only due to technical breakdowns but also reflects the market's reassessment of short-term liquidity and risk pricing.

Base, Unichain, and Hyperliquid ranked in the top three for cross-chain bridge capital flows in the past week.

According to on-chain data statistics, the top three cross-chain bridges in net inflows over the past week are: Base (+35.92 million USD), Unichain (+15.04 million USD), and Hyperliquid (+8.75 million USD), demonstrating strong capital attraction. In contrast, Bera (–58.51 million USD), Avalanche (–51.44 million USD), and Mantle (–15.46 million USD) have experienced the largest net outflows among public chains.

Base, Unichain, and Hyperliquid's cross-chain bridge funds net inflow ranks among the top, reflecting the market's high recognition of their ecological growth expectations. Among them, Base continues to attract on-chain applications and capital migration, relying on Coinbase's ecological advantages and strong L2 performance; Unichain, as an emerging L2 "born for DeFi", quickly gathers liquidity during structural bull markets through deep binding with core protocols like Uniswap; while Hyperliquid is becoming a dark horse in the on-chain derivatives track, leveraging its full-chain matching and native asset trading advantages.

Gate Launchpool

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Project Introduction

DeLorean Labs is the official Web3 platform of DeLorean Motor Company (DMC), upholding its tradition of innovation. DeLorean is set to launch the world's first tokenized electric vehicle, as well as the industry's first on-chain vehicle reservation, trading, and analytics system. The DeLorean protocol provides a seamless and transparent ecosystem for the digital purchase, trading, verification, and tracking of vehicles—all supported by immutable records of ownership, maintenance, usage, and performance data.
Reference Materials:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/zh/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/zh/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• In.news.naver, https://n.news.naver.com/article/011/0004499902
• cn.wsj, https://cn.wsj.com/articles/strait-hormuz-oil-markets-fab2ff0d
• Defillama, https://defillama.com/bridges
• Gate, https://www.gate.com/zh/launchpool/DMC?pid=324

Disclaimer Investing in the crypto market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products purchased before making any investment decisions. Gate does not bear any responsibility for losses or damages arising from such investment decisions.