Hyperliquid's 10% Drop: How the Crypto Market is Reacting?

Hyperliquid (HYPE) has dropped 10% today, as the global market retreat affects major cryptocurrencies. Trading at $60, HYPE is the worst-performing digital asset of the day, with a 12% weekly decline—its steepest drop since June. Bitcoin (BTC) is down 2.08%, Ethereum (ETH) 3.22%, Solana (SOL) 2.81%, and XRP (XRP) 2.51%, as crypto markets face a broader selloff amid corrections in AI-related stocks. The Nasdaq Composite has fallen over 300 points, with semiconductor stocks heavily impacted. Additionally, oil prices have risen 30% over the last 10 days due to escalating tensions between the U.S. and Iran, trading above $86 per barrel. HYPE had been one of the better performers this year, but the current selloff has erased that advantage. The crypto market's decline is driven by ongoing chip shortages and energy market pressures. This selloff is testing the long-term resilience of crypto assets.