Hedera Joins UK Crypto Asset Business Council

Bitcoin ETF image and a BTC accumulation chart

The bull market in cryptocurrencies has set the stage for a frenzy of news throughout the entire crypto industry. This process is aided by the formation of partnerships, the announcement of initiatives, and corporate choices. A new development has happened on the side of Hedera (HBAR), which has been widely discussed owing to its recent activities. It was stated that Hedera had joined a large community.

A New Era for Hedera

Cryptocurrencies and blockchain technology are becoming increasingly popular. While all of this is going on, countries’ project-based preferences are shaping up. In this context, HBAR investors are enthused about a development in the United Kingdom. The announcement read as follows.

We are excited to announce that Hedera has officially joined the United Kingdom Crypto Asset Business Council (UKCBC).

ArchaxEx, @coinbase, @Ripple, @Uniswap Labs, and other leading institutions are promoting #web3 innovation and growth in the UK.

The crypto community has responded positively to Hedera’s participation, which is endorsed by prominent UK blockchain businesses. However, in response to the news, the HBAR price began to increase.

What is the Dollar Value of HBAR?

Amid these events, emphasis has shifted to the HBAR price. Following the announcement, the HBAR price rose 6% to $0.111.

HBAR, which lost 12% in the previous seven days, appears to have somewhat recovered its losses. Looking at the previous 30 days, which witnessed an astounding Bitcoin surge, HBAR only increased by 7%, indicating a lacklustre performance in comparison to the entire bull run. This might indicate that the cryptocurrency is not profiting from the bull market.

HBAR’s market value increased, but its 24-hour trading volume decreased. The altcoin’s market capitalization rose by 6% to $3.7 billion. However, trade volume declined by 8% in the past 24 hours, totalling $88.4 million.

The reduction in trade volume might be viewed in several ways. Some argue that such scenarios signal investors’ trust in the project and a lack of selling, but others say the fall indicates waning investor interest. The UK’s decision to make this move appears to have an impact on the future of HBAR.

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.