HYPE Defies Market Carnage: Hyperliquid Price Rebounds After $96M Liquidation Shock

Paxos has launched USDG0, a new omnichain stablecoin designed to provide fully backed dollar liquidity across multiple blockchains, including Hyperliquid, Plume, and Aptos. This initiative aims to maintain a single regulated supply of the stablecoin across these networks, enhancing its accessibility and usability in the cryptocurrency market.

Sonnet has postponed the vote on the merger with Hyperliquid, despite receiving 95% support from the votes cast. The delay is aimed at gathering more shareholders to meet the necessary approval threshold for the merger, which is part of a plan to establish a $1 billion treasury firm focused on HYPE.

Crypto analyst Dom has indicated that four Bitcoin indicators, which previously signaled market rallies, have turned bullish again. This development comes as Bitcoin's price has fallen below $90,000 for the first time in seven months, marking a significant decline. Dom noted that these indicators had previously predicted price rebounds, including a bounce from $8,000 last week. While they do not forecast immediate lows, they suggest limited downside potential as the market navigates this downturn.

Bitcoin has seen a significant decline, dropping below $90,000 in recent trading sessions. This downturn has been accompanied by a general decrease in the cryptocurrency market, where most altcoins have followed suit. However, certain tokens like ICP, HYPE, and ASTER have bucked the trend, posting gains despite Bitcoin's struggles. The overall sentiment in the market remains negative as investors react to the volatility and uncertainty surrounding Bitcoin's future.

Hyperliquid's price demonstrated resilience amid a broader market sell-off on Tuesday, with a reported increase of 6.1%. However, the daily chart reveals multiple bearish patterns that suggest a potential crash could occur, with estimates indicating a risk of a 70% decline. This development raises concerns among investors as the cryptocurrency market continues to face volatility, prompting scrutiny of Hyperliquid's future performance.

On November 18, cryptocurrency prices continued to decline, with Bitcoin (BTC) falling to a nearly seven-month low of around $90,700. This drop represents a significant decrease from its previous high of over $126,000 in October. Altcoins such as Ethereum (ETH), Solana (SOL), and XRP also experienced losses, contributing to a total liquidation exceeding $1 billion in the crypto market. The bearish sentiment has raised concerns among investors about the sustainability of the current market trends.

Bitcoin is currently trading approximately 70% below its estimated fair value based on mining energy cost models, as analysts highlight rising pressures in the mining sector. The MVRV z-score, a metric used to assess the value of Bitcoin relative to its market price, has also declined, indicating a challenging environment for miners and investors alike. This situation raises concerns about the sustainability of Bitcoin's price and its future trajectory in the cryptocurrency market.

El Salvador has purchased 1,090 BTC as the cryptocurrency market experiences a decline, with Bitcoin trading below $90,000. This acquisition adds nearly $100 million to the country's national bitcoin treasury, reflecting the government's ongoing commitment to cryptocurrency despite external pressures from the International Monetary Fund (IMF). The move is seen as a strategic investment in the face of fluctuating market conditions.