HYPE Surges 20% as Trump Backs Hyperliquid US Push

President Donald Trump's recent meeting with crypto industry leaders at the White House has brought attention to Hyperliquid, a blockchain-based derivatives exchange. Following Trump's statement that CFTC Chair Michael Selig is working on bringing the platform to the US 'legally and with full compliance,' HYPE surged 20% in 24 hours, from around $62 to $72, before settling near $69, $70.

The platform currently blocks US users, but a compliant route for Hyperliquid to operate in the US could bring significant benefits. Changpeng Zhao praised Trump's push, stating that it 'could be a major win for crypto' and open the door for more decentralized platforms while improving liquidity and prices for US users.

While some users are concerned about potential regulatory controls and reduced privacy, others see the potential impact of more US trading on HYPE. With around 97-99% of fees generated by Hyperliquid used to buy HYPE, increased trading activity could mean more fees and a larger market value for the token.

However, a 9.92 million HYPE token unlock on September 6 could also create selling pressure. The platform's maximum supply is 1 billion, with about 955.3 million remaining, and its market value was reported at roughly $14.68 billion before Trump's statement.