HBAR Plummets 35% As BlackRock Denies Partnership

HBAR, Hedera's native token, saw a sharp correction following clarification that the world's largest asset manager, BlackRock, was not directly involved in the tokenization of its ICS Treasury Fund on the Hedera network. HBAR Token Crashes By Almost 35% Data from CoinGecko shows that the HBAR token has declined by almost 35% since its price rose by over 100% on the back of the announcement, which many misinterpreted to mean that BlackRock tokenized its fund on the Hedera network.

Having recently made headlines for being one of the best performers in the crypto market, Hedera Bar (HBAR) is also in the spotlight today. However, this time, the attention is on its sudden flip to become the top crypto loser today.

Blackrock denial that it was involved with Hedera caused HBAR to plunge 20% after a 109% rise.

Archax and The HBAR Foundation have introduced tokenized BlackRock ICS US Treasury money market fund offerings. It is meant to expand its MMF lineup on Hedera and Ethereum blockchains. This step aims to provide institutional stability and yield in the current interest-rate environment.

Asset management giant BlackRock has clarified that it has no commercial relationship with Hedera and did not choose Hedera Hashgraph to tokenize any of its funds.