Gate Crypto Flash News and Market Updates

According to Cointelegraph, Nasdaq-listed K Wave Media sold its remaining 88 BTC to repay $6 million in debt, liquidating its entire Bitcoin holdings. The company had previously set a target to hold 10,000 BTC.

According to U.S. officials on July 1, the U.S. is attempting to persuade Iran to abandon toll collection on the Strait of Hormuz. An official stated that accepting the American proposal would yield greater benefits for Iran—if the U.S. lifts all sanctions, Iran's revenues from developing and selling oil and other resources would exceed toll collection revenue by approximately 100-fold. On June 28, the U.S. and Iran reached a preliminary understanding to ease tensions in the strait for one week

According to sources reported by Zhitong Finance, Xiaohongshu is accelerating its Hong Kong IPO plans and has hired Goldman Sachs and CICC to prepare for the listing, expected as early as H2 2026. The social media platform is recruiting international senior executives to join its board to strengthen corporate governance. If the IPO proceeds successfully, it would mark the first major IPO by a Chinese internet company since Didi's 2021 listing.

According to Securities and Exchange Commission filings reviewed by The Block, Avalanche Treasury Co. (AVAT) stock plunged 73% from its June 11 debut price of $1.85 to $0.50 on Wednesday (July 2), following the company's disclosure of a net loss of $26.78 million in the first quarter. The losses were primarily driven by unrealized losses on the company's AVAX holdings, which fell from a cost basis of $265.3 million to a fair value of $122.8 million by March 31.

According to Binance, on July 2, Binance Wallet completed its prediction market integration upgrade, with all services restored to normal operations at 14:50 UTC+8.

According to Jin10, USD/JPY dipped over 100 pips to a low of 161.13 today (July 2), then rebounded and was trading at 161.7.

According to CCTV, South Korea's Supreme Court will issue a ruling on former President Yoon Suk Yeol's obstruction of arrest case on July 9.

According to CryptoQuant analyst Darkfost, on July 2, Binance retail bitcoin inflows have fallen to a monthly average of 329 BTC per day, marking a historic low. This compares to a peak of 2,690 BTC daily during the 2021 cycle and 3,700 BTC in 2018. The decline signals a structural shift in the market toward institutional participation, with retail investors showing minimal activity even as prices rally. Darkfost noted that potential selling pressure from this cohort has diminished significantly

According to Taiwan's Central News Agency, U.S. President Trump stated on July 1 that Taiwan is doubling TSMC's Arizona fab scale to raise America's chip market share to 50% by the end of his term.

According to CCTV News, U.S. Vice President Vance said on June 30 that the Strait of Hormuz is currently open with increased oil transit volumes, noting that transit on some days exceeded pre-conflict levels. Vance stated that the U.S. has achieved significant military results in its operations against Iran and could pursue a long-term agreement if Iran makes substantial changes, or proceed with further action after consolidating current gains.

According to Interface, Alibaba is consolidating its Agent product line by integrating Xuntian and MuleRun capabilities into QoderWork to create a more powerful AI product for enterprise productivity. Chen Yusen will lead the new product. Alibaba confirmed that existing services of all three products will upgrade seamlessly with no impact on user benefits.

According to Jin10, EU foreign policy chief Kaja Kallas announced today that she will propose sanctions against additional entities supporting Russia's military industry in response to Russian attacks on Ukraine.

Josep Borrell, the European Union's High Representative for Foreign Affairs and Security Policy, said in recent remarks that condemnation alone cannot prevent Russian attacks on Kyiv. He stressed that sustained military support for Ukraine and increased pressure on Moscow are necessary to achieve this objective.

According to CoinGecko, Upbit's 24-hour trading volume reached $883 million as of July 2, with the top five traded assets as follows: BTC dominated at 9.31% of volume ($82 million), followed by TAIKO at 8.58% ($76 million) and SLX/Solstice at 6.62% ($59 million). USDT accounted for 6.50% ($57 million), while XRP rounded out the top five at 6.25% ($55 million).

According to Jin10, on Thursday (July 2), Japan's Nikkei 225 index closed down 1,741.81 points, or 2.47%, to 68,733.15, while South Korea's KOSPI index fell 610.98 points, or 7.36%, to 7,692.43.

According to Coinglass data cited by ChainCatcher, Bitcoin perpetual contract open interest rose 5.33% over the past 24 hours to $46.746 billion. Binance accounts for $8.633 billion, OKX $2.483 billion, Bybit $4.043 billion, and Gate $3.853 billion of the total open interest.

According to ChainCatcher, Japanese-listed company Metaplanet disclosed an increase of 2,823 BTC, bringing its total Bitcoin holdings to 43,000 BTC.

According to the Guardian, the UK's new legislation bans all cryptocurrency donations to political parties and enforces a $132,000 annual cap on offshore British donors, effective immediately. The rules force Thailand-based crypto billionaire Christopher Harborne to face a financial squeeze on his Reform UK funding, which previously operated with minimal restrictions. To maintain substantial financial influence over the party, Harborne would need to relocate to the UK, immediately exposing his $

According to Foresight News, River, a chain abstraction stablecoin system, launched its sixth season points campaign on July 1, running through September 30. Users earn points by using new products as River expands to emerging markets, staking RIVER tokens (which also grants voting rights), or participating in partner activities. Additional points can be earned by deploying satUSD on supported chains, providing liquidity, or depositing into integrated DeFi protocols.

According to Bitget, DYDX dropped over 40% in the past 24 hours, currently trading at $0.13 USDT.