- Hedera Hashgraph’s institutional reach expands with Copper partnership
- UK-based cryptocurrency custodian opens doors to HBAR staking for enterprises
- Rising prices are met with obstacles such as declining trading volumes and negative funding rates.
Copper, a London-based cryptocurrency custodian, has expanded institutional access to Hedera’s distributed ledger. This new partnership with Hedera Hashgraph, which hosts over 300 institutions and cryptocurrency platforms globally, will allow customers to hold and stake Hedera (HBAR) via Copper’s onramp solution.
HBAR: The Best Choice for Tokenization?
Hedera Hashgraph has been one of the most popular blockchains focused on tokenizing Real World Assets (RWAs). In early 2024, the BlackRock Treasury fund went live on Hedera Hashgraph, paving the way for a massive surge that saw HBAR hit a new yearly high.
BlackRock was not directly involved in the certificate, but the cryptocurrency custodian Copper initiated direct contact with Hedera’s HBAR, as the company was the first to build a cryptocurrency wallet using multi-party computation (MPC) technology.
“Institutional investors now have a streamlined and secure path into the Hedera ecosystem thanks to Copper’s integration.” Shane Higdon, Co-Founder and CEO of the HBAR Foundation, said: Once implemented, institutional investors will be able to choose their preferred HBAR validator to stake their tokens with via the Copper Connect dApp, which is fully compatible with Ethereum.
Is Hedera’s HBAR Ready to Rebound?
As Hedera gains institutional influence, crypto investors are expecting a price rally. However, Hedera’s HBAR movement after BlackRock’s Money Market Fund (MMF) has pushed the altcoin’s price up 60% in April 2024, hitting a new yearly high of $0.156.
The recent price action of HBAR has been nothing but a sustained downtrend, with the token dropping by $0.05 on August 5, 2024. After that day’s sharp drop, the overall cryptocurrency market rebounded, with HBAR hitting a 7-day high of $0.05885, but the struggle to break out of the downtrend did not end there.
HBAR faced negative open interest weighted funding rates for most of the first two weeks of August. According to CoinGlass, this metric indicates a decline in interest for the token in the derivatives market, with derivatives trading volumes down 10%.
Despite these setbacks, crypto analysts have found similarities between the current HBAR price performance and 2023. The five bubbles highlighted in the technical analysis, dubbed Ipex by Alpha Trade, indicate that HBAR will rise to $0.092 by the end of 2023.
According to CoinGecko, HBAR is trading at $0.0533 at the time of writing, down 27% over the last 30 days. A consolidation phase is expected within the current price range, as there are narrowing Bollinger Bands on the 1-hour chart.
On the other side
- On-chain indicators that test momentum, such as the Awesome Oscillator, have been in negative territory since May 24, 2024.
- HBAR has fallen more than 90% from its all-time high of $0.5692 recorded on September 15, 2021. It has a market cap of nearly $7 billion.
Why this matters
Tokenization of real-world assets (RWAs) is one of the most dominant topics in the cryptocurrency space this year.
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