As news of Hedera’s supposed association with BlackRock surfaced, HBAR experienced a massive rally, catapulting it through the ranks of cryptocurrency market leaders. However, this surge was based on a misinterpretation of the actual involvement between Hedera and BlackRock, leading to an unsustainable spike in HBAR’s price.
This initial excitement not only propelled Hedera’s profile but also reignited investor interest in the Algotech presale, showcasing the coherence of market sentiment and investment enthusiasm in the crypto world.
Clarification on BlackRock’s involvement with Hedera
BlackRock has officially stated that it does not have a commercial relationship with Hedera, nor has it selected the Hedera Hashgraph for the tokenization of any BlackRock funds, including the $22 billion ICS U.S. Treasury Fund. This clarification comes after the HBAR Foundation announced on social media that the blockchain firms Archax and Ownera had tokenized BlackRock’s fund on Hedera.
The announcement led to a significant misinterpretation among the public and a substantial 100% rally in HBAR’s price on Tuesday. However, a BlackRock spokesperson emphasized that the company had no role in the tokenization process and that any future updates on BlackRock’s digital asset strategy would be communicated directly to the public.
Market reaction and further explanations
Following the initial surge, HBAR’s price experienced a sharp decline, dropping 32.8% in 24 hours to $0.118 after peaking at $0.176. The clarification from BlackRock contributed to the market correction. Additionally, Graham Rodford, CEO of Archax, later stated on social media that it was his firm’s decision to use Hedera for the BlackRock fund tokenization, although he confirmed that BlackRock was aware of the action.
Rodford explained in a later interview that while Archax handles the tokenization of most investments, they ensure to communicate such decisions with BlackRock, maintaining a good relationship. Despite these clarifications and a significant initial price pump, HBAR remains substantially down from its all-time high in September 2021.The current price of Hedera is $0.121194 USD, and it has a 24-hour trading volume of $913,337,959 USD. Our HBAR to USD price is updated in real-time. Over the last 24 hours, Hedera has decreased by 5.30%. It is currently ranked #25 on CoinMarketCap, with a live market cap of $4,331,826,486. The circulating supply of HBAR coins is 35,742,801,273.
Algotech’s presale success: Setting new standards in crypto trading
Algotech (ALGT) has become the preferred beginner cryptocurrency as its public presale continues. ALGT is an exceptional crypto trading platform with unique features such as a blockchain foundation, the use of artificial intelligence, and state-of-the-art technical infrastructure to ensure users get excellent trading results.
Algotech’s native token, ALGT, is integral to its platform operations and enhances user engagement by rewarding participation, thus fostering a dynamic trading environment. This approach allows traders of all skill levels to access advanced trading strategies.
The initial success of Algotech is evident from its presale results, which raised over $3.9 million and saw more than 15,000 ALGT tokens sold. Currently in its third phase, ALGT is priced at $0.08, with an anticipated increase to $0.10 in the upcoming phase. This structured pricing strategy provides early investors with significant growth potential, with possible returns up to tenfold.
Looking ahead, Algotech is set to expand its platform’s functionality by integrating state-of-the-art AI technologies and launching a decentralized marketplace for trading algorithms. These enhancements are designed to increase the platform’s effectiveness and attract more attention from the financial sector. Given these developments, financial experts predict that investments in ALGT could achieve up to 1000% returns, making Algotech a highly attractive option in the fast-changing cryptocurrency market.
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