HBAR Soars on BlackRock Buzz!

A misinterpreted announcement from the HBAR Foundation caused the price of HBAR to spike by 96%.

Author

Danielle du Toit
April 24, 2024

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Here's what we've got for you today:

  • Hedera’s HBAR Token Pumps 96% on Misinterpreted BlackRock Announcement

  • FTX Auctions Off Solana Tokens This Week: Investors in a Buzz

  • Bitcoin Outperforms Tesla Stock After 5 Years of Impressive Growth

  • Tether Responds to Sanctions Evasion Reports by Freezing Linked Addresses

A BlackRock money market fund has been tokenized on the Hedera blockchain, which caused a 96% surge in the value of Hedera's HBAR token.

  • The HBAR Foundation announced that Archax and Ownera have tokenized BlackRock’s ICS US Treasury Fund on its blockchain. This led to a misinterpretation that BlackRock was directly involved with Hedera.

  • Chris O’Connor, founder of Cardano Ghost Fund DAO, criticized the HBAR Foundation for misrepresenting BlackRock's involvement in the project, clarifying that BlackRock had no direct role in Hedera’s development.

  • Despite the controversy, HBAR's price surged by 96% in just 24 hours, reaching a two-year high.

FTX plans to auction off an unspecified amount of Solana tokens this week through a “blind auction.”

  • FTX is set to auction off an unspecified amount of Solana (SOL) tokens this week through a "blind auction."

  • The exchange also recently sold $1.9 billion worth of SOL tokens, with some of the buyers including Galaxy Digital and Pantera Capital.

  • Mike Cagney, the CEO of Figure Markets, commented that the upcoming Solana auction by FTX will not have a fixed price for the entire holding.

Over the past five years, Bitcoin’s price rose by around 1,180% while Tesla stock only managed to climb by 806% during the same time period.

  • Bitcoin has also seen an impressive increase of 139% over the past year, contrasting sharply with Tesla's 11% decline, which has helped position Bitcoin as the world's ninth-largest asset.

  • Bitcoin's market value now exceeds that of major companies including Meta Platforms, Berkshire Hathaway, Visa, and JPMorgan Chase.

  • Tesla started its Bitcoin investment journey in February of 2021 by purchasing over $1.5 billion at around $36,000 per unit. Although the company has sold a lot of its holdings, it still owns 11,509 BTC.

Tether announced plans to freeze accounts associated with sanctioned entities to prove its commitment to complying with global regulations.

  • Tether, the issuer of USDT, announced it will freeze addresses linked to sanctioned entities to comply with international financial regulations, after reports that Venezuela's state-run oil company, PDVSA, might be using cryptocurrencies to evade sanctions.

  • A Reuters report pointed out that PDVSA started using USDT for oil transactions as a method to circumvent U.S. sanctions, which were re-imposed due to Venezuela's failure to make necessary electoral reforms.

  • Investigations in 2023 uncovered $21 billion in unaccounted receivables from PDVSA's oil exports, suggesting widespread corruption in the company.

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