The price of Hyperliquid (CRYPTO: $HYPE) is down 10% on July 17 and leading cryptocurrencies lower as stock markets around the world retreat.
HYPE is the worst-performing digital asset on the day, trading at $60 U.S. and down 10%. For the week, Hyperliquid has seen its price fall 12%, its steepest decline since June.
The selloff in HYPE comes with other major cryptocurrencies sliding lower. In early trading, Bitcoin (CRYPTO: $BTC) is down a little more than 1% and trading at $63,000 U.S.
Ethereum’s (CRYPTO: $ETH) price is down 3% at $1,830 U.S. Other digital assets such as Solana (CRTPTO: $SOL) and XRP (CRYPTO: $XRP) are down about 1%.
Crypto is sliding lower amid a rout in the broader market as stocks associated with the artificial intelligence (A.I.) buildout correct.
Stocks of microchip and semiconductor companies are being particularly hard hit after their share prices doubled and even tripled earlier this year.
The technology-laden Nasdaq Composite (NDAQ) index is down more than 300 points on the day as stocks of chipmakers fall sharply.
Also weighing on HYPE and other crypto is the oil market, with Brent crude, the international standard, up nearly 3% and trading above $86 U.S. a barrel.
Oil prices have risen 30% over the last 10 days as fighting between the U.S. and Iran has resumed and appears to be intensifying.
HYPE has been one of the best-performing cryptocurrencies this year in an otherwise down market.
