- Bitcoin’s post-halving surge altered investor behavior, as shown by Blackrock’s ETFs.
- HBAR surges 107% after tokenizing BlackRock fund; later drops 19%.
Bitcoins [BTC] impressive gain in value since its recent halving has generated a lot of buzz and interest.
The event caused a substantial change in investing trends regarding Bitcoin, as evidenced by Blackrock’s Bitcoin ETF experiencing an unprecedented 70-day streak of inflows.
Clearing the air around BlackRock’s involvement
For those unfamiliar, Archax and Ownera, two Blockchain companies, successfully tokenized BlackRock’s ICS U.S. Treasury Fund on the Hedera platform. This announcement caused a remarkable increase of 107% in HBAR’s value on the 23rd of April.
Instead of what was originally assumed about Blackrock collaborating with Hedera on the project, it seems that the situation is actually distinct from that notion.
Although the announcement sparked enthusiasm and hope, it later came to light that Blackrock’s involvement was not as hands-on as first suggested.
To clarify the previous discussion about the mentioned topic, Chris O’Connor, founder of Cardano Ghost Fund DAO, spoke up on X and expressed his thoughts.
“HBAR was not chosen by Blackrock as the token for funding one of their institutions. Blackrock did not participate in any way and holds no relation to the HBAR protocol.”
In response, Graham Rodford, the CEO and co-founder of Archax Ltd, addressed X with some clarifying comments.
If we choose to tokenize, it might be argued that we don’t have to engage with an investment manager. However, we may still prefer to build and maintain long-term relationships with them.
He added,
“Our degree of collaboration with the investment manager may change, but Abrdn and Blackrock understood that we were carrying out the tokenization process on Hedera.”
In a separate interview with crypto YouTuber Jesus Martinez., Rodford also said,
On Twitter, we witnessed content that was nearly identical to reality. Some clients of Archax sought to put their funds into BlackRock’s money market fund. In response, we established an account with BlackRock on their behalf.
HBAR’s market trend
Despite my attempts to clarify, the community remains pessimistic about HBAR, showing signs of downward trend.
Based on information from CoinMarketCap, the price of HBAR decreased by more than 20% within the last 24 hours, reaching $0.1135 during this update, indicating substantial demand for sellers.
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2024-04-25 13:11