Misunderstood BlackRock Announcement Causes 96% Increase in Hedera's HBAR Token Price

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An announcement made by the HBAR foundation, which was found to be very untrue and misinterpreted; led to an increase in the price of HBAR token by about 96% over the past 24 hours. This misleading announcement indicated that BlackRock was tokenized on Hedera blockchain.

But it was discovered that BlackRock, the biggest asset manager on the globe, had nothing to do with this. Which was against the false information that had been spread about BlackRock's involvement with Hedera blockchain.

There was a post made by the HBAR Foundation on 23rd April 2024, which said that BlackRock's Treasury Fund was been tokenized on the Hedera blackchain by blockchain trading firms Ownera and Archax. And a video was posted following that statement, indicating that BlackRock, Ownera and Archax were fully involved in this partnership.

The misunderstanding caused by this post, led to a rise in interest by major crypto investors. Many investors had believed that Ownera, Archax and BlackRock had made a partnership to move BlackRock's funds to the Hedera blockchain. The post had more than 1.6 million views in few hours, and led to the surge of Hedera token price by 96% over the last 24 hours.