Crypto Market Surges, HYPE Token Hits Multi-Month High on Trump’s CFTC Push
The cryptocurrency market experienced a significant revival over the past several hours, with nearly all digital assets climbing to new multi-month peaks. Among the top performers was Hypeliquid’s native token, HYPE, which surged by nearly 10% to touch $71 minutes ago. The token narrowly missed its all-time high of $76, set in June 2026, before settling just below $70.
The substantial price increase appears to be driven by reports indicating that U.S. President Donald Trump has urged the Commodity Futures Trading Commission (CFTC) to facilitate Hyperliquid’s entry into the United States.
During a White House crypto summit today, President Trump remarked, “I understand that Mike (Selig) is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion.”
Broader Market Resurgence Fuels HYPE’s Rally
The broader cryptocurrency market’s resurgence also played a significant role in HYPE’s impressive rally. Bitcoin, for instance, soared past $69,000 for the first time since June, while Ethereum climbed to $2,100. XRP also saw a notable increase, trading well above $1.05.
This unexpected market upturn, following a period of sluggishness, led to liquidations exceeding $1 billion for over-leveraged traders.
A primary catalyst for Wednesday’s spectacular market run is believed to be the U.S. Treasury’s announcement of increased liquidity-support buybacks for government bonds, which has had a ripple effect across the broader financial market.
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