HYPE token surged nearly 10% on Tuesday, touching $71 before pulling back to just under $70, as President Donald Trump said the CFTC is working to bring Hyperliquid to the U.S. in a fully compliant and legal fashion. The move came amid a broader crypto rally that pushed Bitcoin above $69,000 for the first time since June.
Trump's crypto summit remarks
At the White House crypto summit, Trump said the CFTC is working to bring Hyperliquid to the U.S., specifically naming Mike Selig. The president didn't offer a timeline, but the mention signals a regulatory path for the exchange. HYPE now sits just below its June all-time high of $76, and the summit comments appear to have given traders a fresh reason to push.
Market-wide surge
The broader market moved with it. Bitcoin crossed $69,000 for the first time since June, Ethereum reached $2,100, and XRP traded above $1.05. The rally was sharp enough to trigger over $1 billion in liquidations, mostly from over-leveraged traders caught on the wrong side of the move.
Treasury's liquidity support
The surge was likely triggered by the US Treasury's announcement of increased liquidity-support buybacks for government bonds. That move added fuel to risk assets, and crypto rode along. Whether the rally holds depends on whether the Treasury follows through and how quickly the CFTC's work with Hyperliquid takes shape.
The next test for HYPE is whether it can break above $76, its June high, as the CFTC's work with Hyperliquid continues.
