Coinspeaker
Hedera’s HBAR Jumps 96% on Misunderstood BlackRock Update

Hedera’s native token, HBAR, experienced a nearly 100% surge in the past 24 hours. The rally was triggered by news that BlackRock, a prominent global asset management company based in the United States, was bringing its ICS US Treasury money market fund (MMF) on-chain to be tokenized on the Hedera network.

In response to this news, HBAR price skyrocketed from $0.087 to $0.175 on April 23, accompanied by a trading volume of $1.48 billion, according to CoinMarketCap. However, the digital asset has since retraced to $1.396 at the time of writing, with a market capitalization of $4.99 billion. The 24-hour trading volume currently stands at $2.69 billion.

A Misconstrued Announcement

The HBAR price drop came after it was clarified that BlackRock was not directly involved in tokenizing the $22.3 billion fund on the Hedera network.

The confusion stemmed from a post by the Hedera Foundation, the nonprofit organization overseeing the network, on Tuesday on X (formerly Twitter). The post announced that blockchain trading and infrastructure companies Archax and Owne...