The bull season in cryptocurrencies has paved the way for a flurry of news across the entire crypto ecosystem. Partnerships established, projects announced, and corporate decisions are playing significant roles in this process. A new development has occurred on the side of Hedera (HBAR), which has been frequently mentioned due to its 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 UK.
Hedera’s participation, supported by major blockchain companies in the UK, 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 Dollar Value of HBAR?
Amidst these developments, attention has turned to the HBAR price. Following the announcement, the HBAR price started to climb, jumping 6% to trade at $0.111.
HBAR, which experienced a 12% loss over the past seven days, seems to have partially recovered these losses. Looking at the last 30 days, during which an incredible Bitcoin rally occurred, HBAR only saw a 7% increase, showing a weak performance compared to the overall bull run. This could be interpreted as the altcoin not capitalizing on the bull market.
On the other hand, while HBAR’s market capitalization saw an increase, there was a decrease in the 24-hour trading volume. The altcoin’s market cap reached $3.7 billion after a 6% increase. The trading volume over the last 24 hours, however, fell by 8% to $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 and a lack of selling, while others believe the decline indicates a diminishing interest from investors.
How this step taken by the UK will affect HBAR’s future seems to be something that will become clear in the coming period.
