[//]:content-type-MARKDOWN-DONOT-DELETE ![](https://gimg2.gateimg.com/image/ann_en202506231448533358321235.webp) - Market Commentary : The crypto market saw a broad decline due to escalating geopolitical tensions. Bitcoin briefly dipped to 98,000 USDT before staging a V-shaped rebound, though a full trend reversal remains unconfirmed. Ethereum broke through multiple support levels and is now consolidating around 2,230 USDT. Altcoins followed the broader market downturn, and the Fear and Greed Index indicates a predominantly fearful sentiment. - Top Tokens : Despite the overall downturn, tokens like IP, HYPE, and KAIA defied the trend and gained significantly, becoming market highlights. * IP Token rallied on ecosystem developments around its L1 IP blockchain Story Protocol and the anticipation of a major upcoming announcement, suggesting proactive capital inflows. * HYPE Token (native to the Hyperliquid platform) broke out of its consolidation range, driven by both technical momentum and fundamental catalysts—namely, Lion Group and Eyenovia announcing plans to hold HYPE as a reserve asset. * KAIA Token surged on positive sentiment surrounding the South Korean President’s support for KRW stablecoins, as well as strategic collaborations between the Kaia Foundation and domestic giants like Kakao Pay. This led to notable increases in on-chain DEX trading volumes and total value locked (TVL). - Alpha Insight : Korean payments giant Kakao Pay announced plans to launch a Korean won-pegged stablecoin. Meanwhile, rising geopolitical concerns—especially speculation about Iran potentially blocking the Strait of Hormuz—have triggered a spike in risk-off sentiment, putting downward pressure on crypto assets. However, cross-chain bridge data revealed strong net capital inflows over the past week into Base, Unichain, and Hyperliquid. - Gate Launchpool : Gate is currently hosting a subscription event for DeLorean Labs (DMC). Users can stake USDT or GT before 19:00 (UTC+8) on June 24, 2025, to claim a share of 16,000,000 DMC in free airdrops. DMC is the native token of the official Web3 platform for DeLorean Motor Company, aiming to launch the world's first tokenized electric vehicle, along with an on-chain vehicle booking, trading, and analytics system. Discover more details today → Korean Payment Giant Kakao Pay Moves to Launch KRW Stablecoin | Gate Research Gate Research is a comprehensive platform offering in-depth blockchain and cryptocurrency research, including technical analysis, market reviews, trend forecasts, and macroeconomic insights. **Disclaimer** Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions. **Gateway to Crypto** Trade over 3,500 cryptocurrencies safely, quickly, and easily on Gate **Take Action Now** Sign up and claim up to $10,000 in welcome rewards Invite friends and earn a 40% commission **Stay Connected** Visit Gate's official website Download the Gate App | Desktop Follow us on X (Twitter) to get more bonuses Join our Telegram community to discuss trending topics Engage with our global community for the latest insights **Transparency & Security** Check our 100% Proof of Reserves

Gate Research: Crypto Market Sinks Amid Geopolitical Tensions | Korean Payment Giant Kakao Pay Moves to Launch KRW Stablecoin