HYPE neared its all-time high marked just over two months ago.
The cryptocurrency market was revived over the past several hours, with essentially all assets rocketing to new multi-month peaks. Some assets, though, performed better than others, including Hypeliquid’s native token.
HYPE surged by nearly 10% from bottom to top, tapping $71 minutes ago. It came just inches away from its June 2026 all-time high of $76 before it was stopped and pushed to just under $70.
The major boost came after reports emerged that US President Donald Trump pushed the CFTC to bring Hyperliquid to the US.
Trump says the CFTC is working to bring Hyperliquid to the US, in remarks at White House crypto summit today.
Trump: “I understand that Mike (Selig) is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion.”
— Yueqi Yang (@Yueqi_Yang) August 19, 2026
The other notable reason behind HYPE’s major rally today was the broader market’s resurgence. As reported earlier, bitcoin skyrocketed to over $69,000 for the first time since June. Ethereum followed suit with a run to $2,100; XRP is well above $1.05, and so on.
The unexpected rally, given the overall market sluggishness over the past few weeks, resulted in well over $1 billion in liquidations from over-leveraged traders.
The most likely reason for the spectacular Wednesday run came after the US Treasury announced increased liquidity-support buybacks for government bonds, impacting the broader financial market.