{"id":605075,"date":"2024-04-25T14:00:12","date_gmt":"2024-04-25T14:00:12","guid":{"rendered":"https:\/\/wncen.com\/?p=605075"},"modified":"2024-06-11T06:59:05","modified_gmt":"2024-06-11T06:59:05","slug":"hbar-crashes-35-blackrock-hedera","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/hbar-crashes-35-blackrock-hedera\/","title":{"rendered":"HBAR Prices Crashes 35% As BlackRock Denies Any Ties To Hedera"},"content":{"rendered":"

HBAR, Hedera\u2019s native token<\/span><\/a>, saw a sharp correction following clarification that the world\u2019s largest asset manager, BlackRock, was not directly involved in the tokenization of its ICS Treasury Fund on the <\/span>Hedera network<\/span><\/a>.\u00a0<\/span><\/p>\n

HBAR Token Crashes By Almost 35%<\/h2>\n

Data<\/span><\/a> from CoinGecko shows that the HBAR token has declined by almost 35% since its price rose by over 100% on the back of the <\/span>announcement<\/span><\/a>, which many misinterpreted to mean that BlackRock tokenized its fund on the Hedera network. On April 24, the Hedera Foundation <\/span>shared<\/span><\/a> that Blockchain trading firm Archax and Infrastructure firm Ownera had collaborated to tokenize BlackRock\u2019s ICS US Treasury money market fund (MMF) on Hedera.<\/span><\/p>\n

Related Reading: XRP Price Ready For 70% Breakout As Long-Term Consolidation Nears Its End<\/a><\/div>\n

Members of the crypto community, including influencers like <\/span>CrediBULL Crypto<\/span><\/a> and <\/span>Mason Versluis<\/span><\/a>, 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\u2019s price rallying by over 100% and peaking at $0.176.\u00a0\u00a0<\/span><\/p>\n

However, the crypto token has since been on a downtrend, with BlackRock denying any involvement with Hedera. Specifically, a BlackRock spokesperson <\/span>told<\/span><\/a> Cointelegraph that the world\u2019s largest asset manager \u201chas no commercial relationship with Hedera nor has BlackRock selected Hedera to tokenize any BlackRock funds.\u201d<\/span><\/p>\n

Meanwhile, Archax\u2019s co-founder had also <\/span>clarified<\/span><\/a> on his X (formerly Twitter) platform that BlackRock wasn\u2019t 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.<\/span><\/p>\n

Why The News Is Still Bullish For The Hedera Ecosystem<\/h2>\n

Despite <\/span>BlackRock<\/span><\/a> not being directly involved in this development, <\/span>crypto analyst CrediBULL Crypto<\/span><\/a> offered<\/span><\/a> 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.<\/span><\/p>\n

Related Reading: Brace For Impact: Worldcoin Team Plans To Sell 1.5 Million WLD Tokens Every Week For 6 Months<\/a><\/div>\n

Therefore, the crypto analyst believes that <\/span>BlackRock<\/span><\/a> must have signed off on this move, something he considers a \u201cde-facto endorsement of the product.\u201d Meanwhile, he also alluded to an <\/span>interview<\/span><\/a> that revealed that BlackRock chose Hedera, although ABRDN introduced them to the network.\u00a0<\/span><\/p>\n

CrediBULL Crypto noted that even if BlackRock wasn\u2019t building on the network, it is clear that \u201c<\/span>major enterprises<\/span><\/a> are using Hedera.\u201d They are \u201cactively involved with building on the network and are constantly pushing to move it forward behind the scenes,\u201d he added. He suggested that this puts Hedera above 99% of networks that can\u2019t boast of such achievements.\u00a0<\/span><\/p>\n

\"HBAR<\/p>\n

HBAR price crashes 35% from highs | Source: HBARUSDT on Tradingview.com<\/a><\/pre>\n
Featured image from Vecteezy, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
HBAR, Hedera\u2019s native token, saw a sharp correction following clarification that the world\u2019s largest asset manager, BlackRock, was not directly involved in the tokenization of its ICS Treasury Fund on the Hedera network.\u00a0 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\u2019s 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\u2019s price rallying by over 100% and peaking at $0.176.\u00a0\u00a0 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\u2019s largest asset manager \u201chas no commercial relationship with Hedera nor has BlackRock selected Hedera to tokenize any BlackRock funds.\u201d Meanwhile, Archax\u2019s co-founder had also clarified on his X (formerly Twitter) platform that BlackRock wasn\u2019t 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 \u201cde-facto endorsement of the product.\u201d Meanwhile, he also alluded to an interview that revealed that BlackRock chose Hedera, although ABRDN introduced them to the network.\u00a0 CrediBULL Crypto noted that even if BlackRock wasn\u2019t building on the network, it is clear that \u201cmajor enterprises are using Hedera.\u201d They are \u201cactively involved with building on the network and are constantly pushing to move it forward behind the scenes,\u201d he added. He suggested that this puts Hedera above 99% of networks that can\u2019t boast of such achievements.\u00a0 HBAR price crashes 35% from highs | Source: HBARUSDT on Tradingview.com Featured image from Vecteezy, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":605084,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[7720,89215,66253,92163,87133,87834,87138,83784,92162,92161,91680],"class_list":["post-605075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blackrock","tag-blackrock-news","tag-hbar","tag-hbar-news","tag-hbar-price","tag-hbarusd","tag-hbarusdt","tag-hedera","tag-hedera-blackrock","tag-hedera-network","tag-hedera-news"],"acf":[],"yoast_head":"\nHBAR Prices Crashes 35% As BlackRock Denies Any Ties To 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"HBAR Prices Crashes 35% As BlackRock Denies Any Ties To Hedera","url":"http:\/\/wncen.com\/news\/hbar-crashes-35-blackrock-hedera\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/hbar-crashes-35-blackrock-hedera\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Hedera-HBAR.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Hedera-HBAR.jpeg?fit=1742%2C980"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["blackrock","blackrock news","hbar","hbar news","hbar price","hbarusd","hbarusdt","hedera","hedera blackrock","hedera network","hedera news"],"dateCreated":"2024-04-25T14:00:12Z","datePublished":"2024-04-25T14:00:12Z","dateModified":"2024-06-11T06:59:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"HBAR Prices Crashes 35% As BlackRock Denies Any Ties To Hedera\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/hbar-crashes-35-blackrock-hedera\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/hbar-crashes-35-blackrock-hedera\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Hedera-HBAR.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Hedera-HBAR.jpeg?fit=1742%2C980\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"blackrock\",\"blackrock news\",\"hbar\",\"hbar news\",\"hbar price\",\"hbarusd\",\"hbarusdt\",\"hedera\",\"hedera blackrock\",\"hedera network\",\"hedera news\"],\"dateCreated\":\"2024-04-25T14:00:12Z\",\"datePublished\":\"2024-04-25T14:00:12Z\",\"dateModified\":\"2024-06-11T06:59:05Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Hedera-HBAR.jpeg?fit=1742%2C980","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/605075"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=605075"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/605075\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/605084"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=605075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=605075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=605075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}