David Sacks: Crypto Market Structure Legislation Closer Than Ever, Crypto Industry Should Seize Current Window to Resolve Remaining Differences

Oman's Foreign Minister stated that complex discussions are currently underway to develop a long-term arrangement to ensure freedom of navigation in the Strait of Hormuz.

According to foreign media reports, SK Hynix has officially kicked off mass production and shipments of its 12-layer HBM4 for NVIDIA, with the product now in the capacity ramp-up stage. Unlike earlier supplies that were classified as samples, this marks the first time HBM4 is being delivered in its final, fully quality-certified specification for NVIDIA’s next-generation AI platform, Vera Rubin. Starting this September, SK Hynix will formally scale up HBM4 shipments to fully meet NVIDIA’s demand for high-end compute chip supplies. (Jinshi)

Binance announced that it will adjust the funding rate mechanism for the USDT-margined perpetual contracts of SKHYNIXUSDT, SAMSUNGUSDT, and HYUNDAIUSDT starting from 16:15 UTC on July 14. The funding rate settlement period will be changed from every 8 hours to every 4 hours, and the upper and lower limits of the funding rates for these contracts will be uniformly adjusted to ±0.50%. Specifically, SAMSUNGUSDT and HYUNDAIUSDT will take effect at 20:00 UTC on July 14, while SKHYNIXUSDT will implement the ±0.50% rate limit starting from its 16:00 UTC settlement on the same day. Binance noted that it will dynamically adjust contract parameters in the future based on market risk conditions, including funding rates, minimum price increments, maximum leverage, and margin requirements.

According to an official announcement, to meet users' diversified investment needs, Bitget has launched the KUAISHOU (Kuaishou Technology) stock perpetual contract. The contract is settled in USDT, supports up to 20x leverage, and is available for 24/7 trading. For more details, please refer to Bitget's official platform.

As U.S.-Iran tensions escalate and shipping activity in the Strait of Hormuz plummets, Asian refineries are ramping up spot purchases of U.S. crude oil to hedge against risks of Middle East supply disruptions. Multiple industry executives involved in U.S. crude oil sales and Asian refinery procurement operations said both sides have restarted negotiations for U.S. crude oil spot deals. Data shows that as of Tuesday, observable vessel traffic in the Strait of Hormuz has nearly ground to a halt. Kpler data indicates only 14 vessels passed through the strait last Sunday, including 4 crude oil tankers, a roughly 60% drop from the same period the prior week. Before the outbreak of tensions, over 100 vessels transited the strait daily, carrying around 20 million barrels of petroleum products via the route. Additionally, maritime intelligence firm Windward said the southern route of the Strait of Hormuz, which was escorted by the U.S. military, had "effectively collapsed" last Saturday, with an increasing number of vessels diverting to routes on Iran’s side. The U.S. Department of Energy, however, noted that more than 8 million barrels of crude oil still passed through the strait last Sunday, adding that the U.S. military will continue to ensure unimpeded oil transport.

According to Bit.com market data, US pre-market storage concept stocks are rising: SanDisk (SNDK.O) is up 4.3%, Micron Technology (MU.O) is up 3%, Western Digital (WDC.O) and Seagate Technology are up more than 2.6%.