HBAR Plummets After BlackRock Says It Has ”No Commercial Relationship” With Hedera
Release: 2024/04/26 00:10 Reading: 461
HBAR's price plummeted more than 15% over the past 24 hours after BlackRock stated it has "no commercial relationship" with Hedera and had not chosen the Hedera Hashgraph to tokenize any of its funds.
This follows an April 23 announcement by the HBAR Foundation claiming that Archax and Ownera tokenized BlackRock's ICS U.S. Treasury fund on the Hedera blockchain. Some erroneously believed that the asset management giant was actively involved in this tokenization endeavor.
A BlackRock spokesperson verified that this is not the case. src="/uploads/20240426/1714064588662a8ccc913b0.png">
HBAR Foundation's Post Gains Viral Attention
The HBAR Foundation's post went viral, garnering over 3 million views. Several cryptocurrency influencers misinterpreted the message.
"BLACKROCK JUST TOKENIZED ONE OF THEIR MONEY MARKET FUNDS ON HEDERA," Mason Versluis shared with his 189,000 followers on X.
BLACKROCK JUST TOKENIZED ONE OF THEIR MONEY MARKET FUNDS ON HEDERA $HBAR! ? https://t.co/0TCxUfGjKa
— MASON VERSLUIS (@MasonVersluis) April 23, 2024
Archax CEO Graham Rodford subsequently clarified that his company made the decision to tokenize shares of BlackRock's money market fund. He mentioned that the Wall Street giant was informed of this tokenization.
BlackRock Approved the Announcement
"What we saw on Twitter was kind of pretty much close to the truth," Rodford stated in an interview with cryptocurrency YouTuber Jesus Martinez. Archax clients expressed interest in investing in BlackRock's money fund, prompting Archax to establish an account with BlackRock.
According to Rodford, the company then tokenized the shares, which it frequently does with its investments. He noted that a press release was issued after receiving BlackRock's approval.
After surging over 100% on April 23, the Hedera price has experienced a significant correction. The cryptocurrency is currently trading at $0.1131 as of 4:20 a.m. EST, but it remains in the green by more than 45% on the weekly timeframe.
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