Hedera (HBAR) pumps 125% in 24 hours, following BlackRock’s indirect support [Updated]

On Apr 24, 2024

Hashgraph is a type of technology for keeping track of information that’s similar to blockchains. It’s owned by a company called Hedera and is protected by a patent. HBAR is the native crypto token of Hedera Hashgraph.

The current trade price of the HBAR coin is $0.163 & this trade price is 81% higher over the last 24 hours.

#Hedera pump, #BlackRock pic.twitter.com/YcJCbz1NTw
— Bitcoinik (@Bitcoinikdotcom) April 24, 2024

On 24 April 2024, BlackRock, the top fund manager, tokenized the BlackRock ICS US Treasury money market fund (MMF) on the Hedera (HBAR) blockchain.

For this initiative, Archax teamed up with the HBAR Foundation and the digital assets platform Ownera to introduce the MMF to Hedera.

Following this news, the trade price of HBAR coin surged from $0.08 to $0.18.

Today we witness #RWA history as @BlackRock’s ICS US Treasury money market fund (MMF) is tokenized on @Hedera with @ArchaxEx and @OwneraIO, marking a major milestone in asset management by bringing the world’s largest asset manager on-chain 🏦 pic.twitter.com/1Kye8cjAJx
— HBAR Foundation (@HBAR_foundation) April 23, 2024

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Shayne Higdon, CEO of The HBAR Foundation, described how MMFs are crucial for tokenization, offering added benefits such as instant transfers and collateral deployment, beyond their traditional role in subscriptions and redemptions.

Update: Following similar kinds of reports, many people considered that BlackRock was directly involved with Hedera.

#Cardano fam, it gets so tiresome!

To be clear. Blackrock the actual institution did NOT select HBAR for tokenizing a fund of theirs. Blackrock had no involvement whatsoever and has no connection to the protocol.

What did happen was a HBAR project through the secondary market… https://t.co/0IeFo0xUPv
— Chris O (@TheOCcryptobro) April 23, 2024

BlackRock, Bitcoin, & Bull run

No doubt that any type of initiative by BlackRock can easily inject a huge level of bull sentiments via the easy attention of the big investors, and here the same thing happened with Hedera Hashgraph, while BlackRock has no direct involvement in this case.

In the mid of 2023, BlackRock showed interest in the Bitcoin spot ETF product and that news acted as an initial point to start the bull run of the Bitcoin market.

Thanks to the efforts of the BlackRock team, which made possible the approval of Bitcoin spot ETF applications in the US jurisdiction by the United States Securities and Exchange Commission (SEC).