Crypto Market Regains Momentum Amid Hyperliquid Surge and Regulatory Hurdles
The Hyperliquid (HYPE) token has been on an upward trend, reaching nearly $90 after an 8% gain the previous day. The token's price surge is attributed to the US Securities and Exchange Commission's grant of an 'Innovation Exemption' for tokenized stock trading on Thursday, as well as the launch of confidential perpetuals by Near Protocol on Hyperliquid. This has created a bullish environment for the Decentralized Exchange (DEX), with HYPE nearing a record high.
Bitcoin's recent 33% rebound from its yearly low of $57,800 in July may be seen as a positive sign, but it doesn't necessarily indicate the start of a new bull market cycle. The cryptocurrency remains around 40% below its all-time high, leaving traders wondering if this is just another recovery within a broader bear-market cycle.
The crypto market, including Bitcoin, Ethereum, and XRP, appears to be regaining momentum with bulls returning after early-week macro uncertainty and regulatory headwinds. Bitcoin is trading higher near $78,000, while Ethereum and Ripple are also edging higher, supported by short and medium-term moving averages.