The price of Hedera (HBAR) has surged dramatically in the short term, at one point experiencing triple-digit gains within the last 24 hours amidst alleged connections to the world’s largest investment firm, BlackRock (NYSE: BLK).
The frenzy began when Hedera announced the tokenization of BlackRock’s ICS U.S. Treasury money market fund in partnership with Archax and Ownera. However, despite Hedera’s announcement, some supporters misinterpreted the situation, believing that BlackRock had chosen Hedera to tokenize its fund directly.
The misunderstanding reached a fever pitch when the HBAR Foundation, the organization overseeing the Hedera network, shared an X (formerly Twitter) post that implied a direct partnership between BlackRock with a video fuelling further speculation, suggesting that the investment giant was actively involved in the venture.
HBAR price analysis chart. Source: TradingView/CrediBULL Crypto
Elsewhere, technical indicators for HBAR remain bullish despite the confusion stemming from the BlackRock situation. According to the summary of one-day gauges retrieved from TradingView, Hedera is experiencing a ‘strong buy’ sentiment at 15, which mirrors the moving averages‘ assessment at 13. Oscillators, however, are currently classified as ‘neutral’ at 8.
Hedera technical analysis. Source: TradingView
Impact of Blackrock
It’s worth noting that following the approval of the spot Bitcoin (BTC) exchange-traded fund (ETF), BlackRock has expanded its presence in the crypto world. For instance, last month, the company entered the real-world asset (RWA) tokenization sector by launching its USD Institutional Digital Liquidity Fund on Ethereum.
Therefore, considering BlackRock’s stature in the financial world, it would have a monumental impact on the project if the company were to be directly involved with Hedera.
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