hedera (HBAR-USD) Cryptocurrencies have been incredibly volatile lately after a misunderstanding caused the token to skyrocket yesterday.
The cause of the confusion is black rock (New York Stock Exchange:BLK) reported that the company is handling the tokenization of the first money market fund. The HBAR Foundation is involved in the effort, and some traders believe Hedera was used.
But it turns out that wasn't the case. Once that misconception was corrected, changes were made to the HBAR cipher. This news all comes on the back of Hedera's wild run over the past few days.
HBAR Cryptocurrency Movement on Wednesday
Although HBAR has not risen as much as when it was first announced, the stock is still benefiting from increased trading. As a result, stock prices continue to remain high even after the turmoil has subsided.
On this news, HBAR was up 31.3% as of Wednesday morning compared to the past 24-hour trading period. This comes on the heels of strong trading where volume has increased over his 2,657% during the same period.
HABR remains expensive for now, but could give up these gains in the coming days. This could happen as more traders sell their tokens following BlackRock's clarification.
Investors who want to know more about the latest crypto stories will want to stick around!
On Wednesdays, we bring you all the latest crypto news that traders need to know. Some examples include what's happening with crypto mining startups and cryptocurrencies poised for a big rally in 2024. All of this news can be found at the link below.
More crypto news on Wednesday
On the date of publication, William White did not have (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer and are influenced by InvestorPlace.com. Publishing guidelines.
