Hedera (HBAR) Price Surges +107%, Rumored Collaboration with BlackRock
Hedera (HBAR) Price Surges +107%, Rumored Collaboration with BlackRock
The price of the crypto asset Hedera (HBAR) has experienced a significant surge in a short period, recording an increase of +107% on April 24, 2024. This price surge may be attributed to rumors surrounding Archax, a broker and custodian based in London, tokenizing assets from the BlackRock ICS US Treasury money market fund (MMF) on the Hedera network.
Hedera (HBAR) Experiences Significant Surge
Hedera Hashgraph (HBAR) showed a significant price increase at 4 AM WIB (24/4/24). HBAR saw a rise of +107% from US$0.0874 to a local high of US$0.1813.
The highest price reached was last seen in April 2022. Despite the significant increase, HBAR is still down -68% from its ATH price of US$0.57 in September 2021.
At the time of writing this article (24/4/24) at 5:00 PM WIB, HBAR was trading at around US$0.13, having corrected from US$0.1813.
Rumored Collaboration with BlackRock
The surge in HBAR price is likely due to news from Archax, a London-based digital asset exchange, broker, and custodian, which has expanded its tokenization services to the BlackRock ICS US Treasury money market fund on the Hedera network.
This effort is carried out in collaboration with The HBAR Foundation and represents a significant step in merging traditional financial assets with blockchain technology.
Tokenizing money market funds, such as those of BlackRock, also brings several benefits. In environments with high-interest rates, liquidity facilities that allow for quick and secure MMF stock trading become an attractive alternative.
However, this news remains just a rumor as BlackRock itself has not yet made any statements regarding the validity of the circulating rumors.
Conclusion
the surge in the price of Hedera (HBAR) coupled with rumors of a collaboration with BlackRock has stirred significant interest and speculation within the crypto market.
The rapid increase of +107% in HBAR's value on April 24, 2024, highlights the volatility and potential for quick gains in the cryptocurrency space. However, it's important to note that while rumors of Archax tokenizing assets from the BlackRock ICS US Treasury money market fund on the Hedera network have fueled this surge, concrete confirmation from BlackRock is yet to be provided.
Despite this, the potential collaboration signifies a significant step in bridging traditional financial assets with blockchain technology, offering various benefits such as enhanced liquidity and accessibility. As investors await further developments, the situation underscores the impact of speculation and partnerships on crypto asset valuations, emphasizing the need for caution and thorough research in navigating such markets.
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*Disclaimer:
This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.
