News - Blackrock denies ties to Hedera

By Luc Vesters

Blackrock denies ties to Hedera

Hedera (HBAR)
Price update

Yesterday, Hedera's share price rose more than 50 percent following news of the tokenization of Blackrock's ICS US Treasury Money Market Fund1 (MMF). Blackrock has since officially denied the rumors.

"Blackrock has no commercial relationship with Hedera, nor has Blackrock selected Hedera to tokenize Blackrock funds," he said. informed a company spokesperson.

The price fell 26 percent on the day and is currently trading at eleven cents. Despite the price drop, weekly results for Hedera are positive. Compared to the previous week, the price of HBAR is up 42 percent.

It is rumored that Blackrock itself pushed the tokenization on Hedera, but that Archax, a London-based exchange and custodian bank for digital assets, was responsible.

In addition, the crypto market continues to sleep after the halving. Compared to the previous day, total market capitalization is down four percent.

The Bitcoin price fell more than three percent to about USD 64,000 - about USD 10,000 below the record high reached in March. Over the week, the cryptocurrency market leader rose four percent.

The second-largest cryptocurrency by market capitalization, Ethereum, fell three percent to USD 3,164. In a weekly comparison, the price of Ether rose nearly five percent.

Solana, Dogecoin and Toncoin weakened the most among the 10 largest cryptocurrencies with price losses of six percent each.

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