Hedera HBAR: Correction after misinterpreted BlackRock connection

Hedera HBAR: Correction after misinterpreted BlackRock connection

Hedera (HBAR) price saw a nearly 10% decline on Thursday, recouping some of the gains previously made due to a misinterpreted connection with BlackRock. The latest correction saw HBAR price rise by a total of 44% over the last seven days. HBAR Foundation partner Archax clarified the confusion over the tokenization of BlackRock's funds in the Hedera ecosystem.

The false news about the collaboration between Hedera and BlackRock sparked a rally in HBAR, resulting in a price increase of over 100% on Tuesday. However, after BlackRock clarified that it has no commercial relationship with Hedera and no intention to tokenize BlackRock funds, the HBAR price fell again.

Despite the decline in the last 24 hours, the HBAR cryptocurrency maintains its stable position at a price of $0.1131 at the time of writing. After clearing up the initial confusion over the BlackRock connection, HBAR price is gradually giving up the gains from the misinterpreted announcement. A decline from its peak to $0.1817 shows the volatility that the digital currency is facing.

BlackRock and Archax's clarification regarding the misinterpreted holding helped stabilize HBAR's market dynamics. Although the price decline was noticeable in the short term, the overall increase in price over the last week reflects the continued positive interest in Hedera Hashgraph.