HBAR Crypto Drama: How a BlackRock Report Sent Hedera Token on a Wild Ride

Hedera (HBAR-USD) crypto has been incredibly volatile recently after a misunderstanding resulted in the token soaring higher yesterday.

The confusion came from a BlackRock (NYSE:BLK) report about the firm handling its tokenizing its first money market fund. HBAR Foundation was involved in this effort, leading some traders to believe that Hedera was used.

However, it turns out that this wasn’t the case. When that misunderstanding was corrected, it also resulted in changes for the HBAR crypto. All of this news is behind the wild ride that Hedera has been on these last couple of days.

HBAR Crypto Movement on Wednesday

While HBAR isn’t running nearly as high as it was during the initial announcement, the shares are still benefiting from increased trading. This has them continuing to remain high even after the confusion has subsided.

All of this news has HBAR up 31.3% over the prior 24-hour trading period as of Wednesday morning. That comes alongside strong trading with volume up more than 2,657% during that same period of time.

While HABR remains at a higher price for now, it’s possible it could give up these gains in the coming days. This may happen as more traders sell the tokens in the wake of the BlackRock clarification.

Investors who want more of the most recent crypto stories are going to want to stick around!

We are offering all of the most recent crypto news that traders need to know about on Wednesday! A few examples include what’s happening with crypto mining startups, cryptos that could see major rallies in 2024 and more. You can find all of this news at the links below!

More Crypto News for Wednesday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.