Why crypto HYPE rose 14% in a few hours
HYPE jumped 14% and is approaching its all-time high. At the origin of this increase, an agreement between Intercontinental Exchange (ICE), owner of the New York Stock Exchange, and Trade[XYZ] to offer perpetual…
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https://cryptoast.fr/hype-hyperliquid-hausse-ice-nyse-trade-xyz-druckenmiller/
HYPE, native token of the decentralized exchange platform Hyperliquid, climbed 14.1% in 24 hours this Thursday, driven by the announcement of an agreement between Intercontinental Exchange (ICE), owner of the New York Stock Exchange (NYSE), and Trade[XYZ], one of the main market operators on Hyperliquid.
Traded at more than 91 dollars at the start of the afternoon, HYPE had a capitalization of 21.9 billion dollars. It was thus only 6.5% from its historic record of 97.94 dollars, reached on September 23.
At the origin of this enthusiasm, a project which could open a new market for Hyperliquid: offering American individuals perpetual contracts on stocks, commodities and currencies, accessible 24 hours a day, within a regulated framework.
Trade[XYZ] already offers, outside the United States, perpetual contracts, derivative products without an expiry date which allow you to bet on the rise or fall of an asset, often with leverage. They cover stocks, stock indices, commodities and currencies, accessible 24 hours a day. These markets have exceeded $650 billion in volume in just over a year.
🔎 How to trade on Hyperliquid? Complete guide (cryptos, stocks, gold)
The agreement with ICE now aims to offer these products to American individuals within a regulated framework. Hyperliquid will provide the technical infrastructure via a variation of HIP-3, the system that allows third-party players to create their own markets on the platform. Trade[XYZ] will design the contracts, while ICE will operate the regulated market and its clearing house, responsible for guaranteeing the settlement of transactions.
Clients will have to verify their identity and go through brokers who are members of the platform. ICE also relies on its joint venture with OKX to distribute these products.
The operation represents diversification for ICE, whose activity is now more than 99% institutional. The group will also take a minority stake in Trade[XYZ], for an undisclosed amount.
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- Cryptoast29 Oct, 15:00
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