Daily Crypto Signals: Bitcoin Holds Near $89K, Hyperliquid Surges 58% on Record Commodities Trading
Bitcoin maintained stability around $89,000 following the Federal Reserve's decision to pause interest rates, while Hyperliquid's native
Quick overview
- Bitcoin remained stable around $89,000 after the Federal Reserve paused interest rates, while Hyperliquid's token HYPE surged 58% in three days due to increased commodities trading.
- The Senate Agriculture Committee is set to discuss the Digital Commodity Intermediaries Act, which aims to establish a regulatory framework for the digital asset market.
- Despite a recent rebound in Bitcoin mining stocks, analyst sentiment remains cautious, with indicators suggesting market stress rather than expansion.
- Hyperliquid's trading platform achieved record trading volumes, with HYPE's recent performance indicating strong investor interest and potential for further gains.
Bitcoin BTC/USD maintained stability around $89,000 following the Federal Reserve’s decision to pause interest rates, while Hyperliquid’s native token HYPE rallied 58% in three days as commodities trading on its platform exploded to new highs, driven by surging precious metals activity.
Crypto Market Developments
As Washington focused on market structure and regulatory clarity this week, the bitcoin market saw conflicting signals. Following weather-related delays, US lawmakers are back on Capitol Hill Thursday. The Senate Agriculture Committee will mark up the Digital Commodity Intermediaries Act (DCIA), a key initiative that aims to create a complete framework for the structure of the digital asset market.
Among the eleven DCIA amendments that are available to the public, some noteworthy ideas include prohibitions on politicians and White House officials interacting with the cryptocurrency industry, clauses that deal with foreign meddling in US markets, and a noteworthy amendment from Senator Amy Klobuchar of Minnesota. Following the resignation of acting chair Caroline Pham in 2025, her amendment would delay the law’s execution until the Commodity Futures Trading Commission retains a minimum of four confirmed commissioners to fill leadership vacancies.
The regulation changes coincide with the growing popularity of cryptocurrencies. Nearly 40% of US retailers currently accept cryptocurrencies at checkout, and 84% of respondents to a PayPal study of 619 payment-strategy decision-makers said they think cryptocurrency payments would become commonplace in the next five years. According to May Zabaneh, vice president of PayPal, “crypto payments are moving beyond experimentation and into everyday commerce,” with nearly 90% of companies getting inquiries from customers regarding crypto payment choices. Nonetheless, 90% of respondents said they would accept cryptocurrency payments if the procedure were made as simple as using a credit card.
Bitcoin Consolidates Under $90,000
As the Federal Reserve declared its intention to maintain interest rates at 3.5% to 3.75% for the first time since July, Bitcoin saw a brief surge to $90,600 on Wednesday before declining. Two officials opposed a further 25-basis-point drop, but the FOMC maintained current rates due to “somewhat elevated” inflation. President Donald Trump, who has always pushed for large rate reduction, is at conflict with the Fed over this decision.
Market forces, however, might be using different means to accomplish Trump’s goals. The Bloomberg Spot Dollar Index posted its worst annual performance since 2017, as the US dollar has continued to weaken, plunging to four-year lows. According to market analysts, Trump’s willingness to accept a declining value of the dollar might effectively relax monetary policy without direct Fed intervention, which could help riskier assets like Bitcoin. Traders are anticipating a possible climb above $93,500, where over $4.5 billion in leveraged short positions are at risk of liquidation, notwithstanding the Fed’s halt.
Following a winter storm that caused operational shutdowns across the US, lowering network competition, bitcoin mining stocks saw double-digit rises. The hashrate of the Bitcoin network fell 40% in two days, to 663 exahashes per second on Sunday, a seven-month low, before rising to 814 EH/s on Wednesday. Shares of TeraWulf increased by about 11%, Iren Limited by 14%, and Cipher Mining by 13% as mining became more economical for operational facilities due to less hashrate competition.
Despite the rebound, analyst sentiment is still cautious. Both composite risk oscillators and onchain pressure indicators are still in risk-off territory, according to cryptocurrency expert Leo Ruga. The risk oscillator is close to 52, and the onchain pressure is above 34, which are levels linked to market stress rather than trend expansion. The Coinbase Bitcoin premium index is still quite negative, indicating that leverage and futures are driving the rally momentum more than robust spot buying by US investors.
HYPE Soars to 8-Week High
HYPE — Hyperliquid’s native token — has been the most impressive performer, beating other major cryptocurrencies by soaring 58% in just three days to hit an eight-week high of $34.50. On Hyperliquid’s HIP-3 decentralized exchanges, which saw historic milestones with open interest reaching a new high of $935 million and daily trading volume reaching a record $1.78 billion on Wednesday, the surge coincided with spectacular growth in commodities trading.
The unprecedented interest in trading precious metals on the platform is the cause of the spike in activity. With almost $1.25 billion in 24-hour trading volume on Monday, silver alone surpassed Bitcoin and Ether as the third most traded asset on Hyperliquid. According to Jeff Yan, CEO of Hyperliquid, the platform “has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world,” as well as “the most liquid venue for perps on tradfi assets.”
during $34 million in leveraged positions were liquidated during the course of 72 hours in HYPE’s derivatives market, of which $32.2 million were short liquidations. During the same time frame, the token’s open interest increased 48.7% to $1.82 billion, indicating high trading engagement in derivatives. Rising prices and increased open interest in futures point to more investor interest and better liquidity, both of which are typically seen favorably during uptrends.
Additional upward potential is shown by technical analysis. By breaking over the top trendline of the multi-month falling wedge pattern and the 50-day simple moving average, HYPE verified a breakout from the pattern. The breakout suggests new purchasing activity and a possible new uptrend phase, as evidenced by the 73% rise in trading volume over the course of a day. Based on Fibonacci retracement analysis and multi-month downtrend breakout patterns, analysts predict a rally toward $49.80, which would represent a 45% gain from current levels. Some analysts are aiming for the $50 zone.
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