Trader who made $49M shorting crypto loses $24M on ether in 12 seconds

Hyperliquid's native token HYPE surged over 20% after US President Donald Trump announced that the Commodity Futures Trading Commission (CFTC) is pursuing a compliant pathway to bring the decentralized trading platform to American users. The cryptocurrency jumped from around $62 to a 24-hour high of $72.28, with trading volume reaching $1.4 billion as markets reacted positively to the regulatory news. While no formal regulatory plan has been released, Trump's remarks during a White House event have sparked optimism among investors about Hyperliquid's potential expansion into the lucrative US market. The HYPE token, representing one of the most promising decentralized exchanges, now faces the challenge of navigating the complex US regulatory landscape while capitalizing on the positive momentum generated by presidential support.

Bitcoin briefly touched $70,000 on Wednesday for the first time since early June, capping a dramatic session that combined Washington's renewed push for crypto legislation, a surprise intervention in the Treasury market and one of the most violent short squeezes of the summer. President Donald Trump used a White House gathering of crypto executives to demand movement on the stalled CLARITY Act, while revealing that regulators are exploring a compliant pathway for decentralized derivatives exchange Hyperliquid to enter the United States.

The Bitcoin price surge reflects the growing political influence in the cryptocurrency market, with the CLARITY Act potentially providing clear regulation for the sector. Hyperliquid's entry, with $1.4 billion in shorts being wiped out, demonstrates increasing institutional interest and the inherent volatility of the market. This historic moment could mark a turning point for cryptocurrency adoption, with significant implications for investors and the global digital ecosystem.

The crypto market is witnessing an extraordinary surge as Hyperliquid, Ethereum, and Solana all jump over 20% within a single 24-hour period. This exceptional performance signals growing investor confidence and potentially marks the beginning of a bullish trend that could reshape the entire cryptocurrency landscape. The remarkable appreciation of these key cryptocurrencies is drawing global attention and could trigger a broader rally across the digital asset market. With Ethereum maintaining its position as the leading smart contract platform and Solana continuing to demonstrate high throughput capabilities, this current moment presents a critical opportunity for traders and investors looking to capitalize on the crypto market's upward momentum.

Bitunix, one of the world's fastest-growing cryptocurrency exchanges, has been crowned the Best Chart Trading Platform at the Peru Blockchain Conference 2026. This prestigious award underscores Bitunix's commitment to delivering an intuitive, streamlined trading experience designed to provide crypto traders with enhanced clarity and control when navigating the volatile cryptocurrency markets.

The recognition of Bitunix marks a significant milestone for the platform and the broader cryptocurrency ecosystem in Latin America. With its focus on advanced analytical tools and user-friendly interface, the exchange is positioned to lead innovation in the crypto trading sector. This international accolade reinforces the growing adoption of blockchain solutions in Peru and the region, as Bitunix continues to expand its global footprint.

The cryptocurrency market has reached new yearly highs as Bitcoin surpasses $68,000, triggering $1.93 billion in leveraged position liquidations. According to CoinGlass data, the vast majority of these liquidations hit traders who bet against the market, with $1.75 billion in short positions being wiped out.

The wave of liquidations occurs as Bitcoin continues its upward trend, pressuring traders who used leverage to bet on price declines. This event highlights the risks associated with leveraged trading in a volatile market like cryptocurrencies, as Bitcoin approaches all-time highs and market sentiment becomes progressively more optimistic.

Former President Donald Trump used a White House crypto meeting to pressure Congress into passing a 'fair version' of the Clarity Act, while touting his administration's crypto policies and announcing that regulators are working to bring Hyperliquid into the U.S. under a compliant framework. This political move marks a pivotal moment for the cryptocurrency industry in the United States, with Trump positioning himself as a champion of digital financial innovation. The potential entry of Hyperliquid, a crypto derivatives platform, into the American market under regulatory supervision could set precedents for other international exchanges, while the push for clear legislation on digital assets continues to be a central theme in the American political agenda.