The bull season in cryptocurrencies has paved the way for a flurry of news throughout the crypto ecosystem. Partnerships established, projects announced, and corporate decisions are playing significant roles in this period. A new development has occurred on the side of Hedera (HBAR), which has been frequently mentioned lately due to recent actions. It was announced that Hedera has joined a massive community.
A New Era for Hedera
The prevalence of cryptocurrencies and blockchain technologies is increasing day by day. While all this is happening, the preferences of countries based on projects are also taking shape. In this context, a development in the United Kingdom has excited HBAR investors. The announcement was 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 United Kingdom.
Hedera’s participation, supported by major blockchain companies in the United Kingdom, has received positive feedback from the crypto community. On the other hand, the HBAR price also started to rise following the news.
What is the Price of HBAR in Dollars?
Amid these developments, attention has turned to the HBAR price. Following the announcement, the HBAR price began to climb, making a 6% jump to trade at $0.111.
HBAR has managed to recover some of its 12% loss over the last seven days. Looking at the last 30 days, marked by an incredible Bitcoin rally, HBAR only saw a modest 7% increase, which could be interpreted as not capitalizing on the bull run.
On the other hand, while HBAR’s market cap saw an increase, there was a decrease in the 24-hour trading volume. The market cap of the altcoin reached $3.7 billion after a 6% rise. The last 24-hour trading volume, however, decreased by 8% and was recorded at $88.4 million.
This decrease in trading volume can be interpreted in different ways. Some views suggest that such situations indicate investors’ confidence in the project, leading them not to sell, while others believe this drop signifies a declining investor interest.
How this step taken by the United Kingdom will affect HBAR’s future seems to be something that will become clear in the coming period.
