Crypto
Macro Shock Drives 3.5% Slide in Hyperliquid (HYPE)
The cryptocurrency market experienced a broad selloff, driven by macroeconomic factors, which led to a 3.5% decline in Hyperliquid (HYPE) over the last 18 hours.
The primary catalyst for this move was a higher-than-expected US Producer Price Index (PPI), coming in at 5.4%, triggering a risk-off reaction across the crypto market.
Other contributing factors included the European Central Bank's rate hike, higher crude oil prices, and rising US Treasury yields.
According to CoinMarketCap data, the total crypto market cap fell by around 2-3% during this period, with altcoins underperforming Bitcoin.
The HYPE token specifically saw a 24-hour change of about -6.6%, dropping from roughly $86.9 to around $81.2.