BlackRock Disputes Rumors of Partnership with Hedera, Causing HBAR Value to Drop

IconCrypto News Terminal25 Apr, 2024

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BlackRock Disputes Rumors of Partnership with Hedera, Causing HBAR Value to Drop

Amidst speculations and rumors about BlackRock's involvement in Hedera's tokenization project, a BlackRock spokesperson has clarified that there's no partnership between the two entities. This announcement has led to a significant drop in HBAR's value, which had initially spiked due to the partnership rumors. Previously on April 24, 2024, Hedera tweeted an image suggesting a partnership with BlackRock, stating that they are "tokenizing BlackRock's ICS US Treasury Money Market Fund (MMF)." This tweet was widely interpreted as an official partnership, but BlackRock's denial has caused a reversal in HBAR's price. The BlackRock spokesperson firmly stated, "BlackRock does not have a business relationship with Hedera. We have not chosen Hedera for tokenizing our funds." This clarification has cast doubt on the partnership rumors and caused investors to reassess the value of HBAR. HBAR's value has fallen by 32.8%, dropping from $0.176 to $0.118, following the announcement. This significant drop highlights the impact of partnership rumors on the cryptocurrency market and the importance of verifying information before making investment decisions.

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