Hyperliquid has announced the opening of Pandora’s Box. The move comes at a time when oil prices have surged significantly due to the Middle East conflict. Meanwhile, crypto prices are largely making flat moves on the price chart, and crypto perpetual markets are becoming a venue for trades.
Pandora Box by Hyperliquid
Hyperliquid CEO Hyunsu Jung announced the opening of Pandora’s box. Jung interacted with the media to share that the narrative around onchain financial services was changing. Approximately $160 million in oil contract volume has changed hands on the platform over the last 24 hours.
The announcement comes at a time when oil has surged by almost 30% to breach the $110 a barrel mark during the weekend.
Crypto perpetual markets are becoming a stronger alternative, given that they operate 24/7. This includes Wall Street’s off time. The said market is gaining popularity for trades on currencies, metals, and oil.
There is little to confirm when oil prices will retrace back to a lower value because the Middle East conflict has not stopped. In fact, oil prices are estimated to increase as high as $150 per barrel.
Flatness in Crypto Prices
Crypto prices have more or less fallen flat on the chart. For instance, BTC is moving between $67k and $69k. It is currently trading at $67,525.99. Similarly, ETH is hovering between $1,900 and $2,100. Ethereum tokens are exchanging hands at $1,986.75 when the article is being written.
As for HYPE, the native token, it is still in the 13th position in terms of market cap. The exchange value is $30.95 with an uptick of 1.72% in the last 24 hours. Its 24-hour trading volume has jumped by 57.20%, and the market cap has gained around 1.85%.
The volatility around HYPE is 5.13%, bringing speculation about a correction in the days to come.
What’s Next?
There is no tentative timeline for the Middle East conflict to end. US President Donald Trump earlier sought the unconditional surrender of Iran. He has now called the short-term oil prices a very small price to pay for the US and the world.
As for oil prices, all attention is on the Strait of Hormuz as the price is projected to jump to $150 a barrel. Such an increase could cause inflation and possibly lead to a global recession if the situation worsens.
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