HBAR plunges after BlackRock says it has “no commercial relationship” with Hedera

HBAR price sudden drop It is up more than 15% in the last 24 hours after BlackRock said it had “no commercial relationship” with Hedera and did not choose Hedera Hashgraph to tokenize its funds.

This follows the HBAR Foundation’s April 23 announcement that Archax and Ownera had tokenized BlackRock’s ICS U.S. Treasury Fund on the Hedera blockchain. Some mistakenly believed that the asset management giant was actively involved in this tokenization effort.

A BlackRock spokesperson confirmed this was not the case.

HBAR Foundation’s post is going viral.

HBAR The foundation’s post went viral, garnering more than 3 million views. Some cryptocurrency influencers misinterpreted the message.

“BLACKROCK has tokenized one of their money market funds on HEDERA,” Mason Versluis told his 189,000 followers on X.

BLACKROCK has just tokenized one of its money market funds on HEDERA. $HBAR! 🔥 https://t.co/0TCxUfGjKa

— Mason Versluis (@MasonVersluis) April 23, 2024

Archax CEO Graham Rodford later clarify The decision to tokenize shares of BlackRock’s money market funds was made by his firm. The Wall Street giant knew the stock would be tokenized, he added.

BlackRock made the presentation.

“What we’re seeing on Twitter is pretty close to the truth,” Rodford said in an interview with cryptocurrency YouTuber Jesus Martinez. Archax clients wanted to invest in BlackRock’s money funds, which prompted Archax to create an account with BlackRock.

The company then tokenized its shares through a large investment, Rodford said. He went on to say that a press release was released with approval from BlackRock.

After showing an upward trend of more than 100% on April 23rd, Hedera price It has undergone extensive revision. However, the cryptocurrency, which is trading at $0.1131 as of 4:20 a.m. ET, remains more than 45% in the green on a weekly basis.

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