HBAR Prices Crashes 35% As BlackRock Denies Any Ties To Hedera

Name	Symbol	Market	Market Cap ($)	Algorithm
Hedera Hashgraph	HBARUSD	Crypto	7,211,910,352	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Hedera Hashgraph

HBARUSD

Crypto

7,211,910,352

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.01286	-6.40%	0.18813	0.18814	0.18817

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.01286

-6.40%

0.18813

0.18814

0.18817

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.20313	0.18545	0.20087	0.20099	0.041550 - 0.401000

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.20313

0.18545

0.20087

0.20099

0.041550 - 0.401000

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	18:27:28	141.00	0.18805	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

18:27:28

141.00

0.18805

USD

Price x Volume	Volume	Base Symbol	Related Pairs
44,379,488.89	227,279,398.29	HBAR	HBAREUR	HBARGBP	HBARBTC

Price x Volume

Volume

Base Symbol

Related Pairs

44,379,488.89

227,279,398.29

HBAR Prices Crashes 35% As BlackRock Denies Any Ties To Hedera

25/04/2024 3:00pm

NEWSBTC

HBAR, Hedera’s native token, saw a sharp correction following clarification that the world’s largest asset manager, BlackRock, was not directly involved in the tokenization of its ICS Treasury Fund on the Hedera network. HBAR Token Crashes By Almost 35% Data from CoinGecko shows that the HBAR token has declined by almost 35% since its price rose by over 100% on the back of the announcement, which many misinterpreted to mean that BlackRock tokenized its fund on the Hedera network. On April 24, the Hedera Foundation shared that Blockchain trading firm Archax and Infrastructure firm Ownera had collaborated to tokenize BlackRock’s ICS US Treasury money market fund (MMF) on Hedera. Related Reading: XRP Price Ready For 70% Breakout As Long-Term Consolidation Nears Its End Members of the crypto community, including influencers like CrediBULL Crypto and Mason Versluis, misconstrued this as meaning that BlackRock had tokenized its fund on Hedera. This assumption immediately created a bullish narrative for the ecosystem, leading to HBAR’s price rallying by over 100% and peaking at $0.176. However, the crypto token has since been on a downtrend, with BlackRock denying any involvement with Hedera. Specifically, a BlackRock spokesperson told Cointelegraph that the world’s largest asset manager “has no commercial relationship with Hedera nor has BlackRock selected Hedera to tokenize any BlackRock funds.” Meanwhile, Archax’s co-founder had also clarified on his X (formerly Twitter) platform that BlackRock wasn’t directly involved in the whole move. He claimed that tokenization of the fund can usually be done without the permission of the asset manager. However, he revealed that BlackRock knew they were tokenizing on the network. Why The News Is Still Bullish For The Hedera Ecosystem Despite BlackRock not being directly involved in this development, crypto analyst CrediBULL Crypto offered some perspective on why this news is still bullish for Hedera and its HBAR token. He revealed that BlackRock is the fourth largest shareholder of ABRDN, a firm that is a primary investor in Archax. Related Reading: Brace For Impact: Worldcoin Team Plans To Sell 1.5 Million WLD Tokens Every Week For 6 Months Therefore, the crypto analyst believes that BlackRock must have signed off on this move, something he considers a “de-facto endorsement of the product.” Meanwhile, he also alluded to an interview that revealed that BlackRock chose Hedera, although ABRDN introduced them to the network. CrediBULL Crypto noted that even if BlackRock wasn’t building on the network, it is clear that “major enterprises are using Hedera.” They are “actively involved with building on the network and are constantly pushing to move it forward behind the scenes,” he added. He suggested that this puts Hedera above 99% of networks that can’t boast of such achievements. HBAR price crashes 35% from highs | Source: HBARUSDT on Tradingview.com Featured image from Vecteezy, chart from Tradingview.com

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HBARUSD Hedera Hashgraph