Hedera's 10% Price Increase Follows Launch of Canary Capital HBAR ETF on Vanguard
Hedera's Price Jump
Hedera (HBAR) experienced a 10% price surge, climbing above $0.14 in the past 24 hours. This uptick follows the launch of Canary Capital's HBAR ETF on Vanguard, enhancing investor sentiment.
Crypto Market Rebounds
The broader cryptocurrency market also saw a notable rise of 7.18%, attributed to renewed confidence in digital assets. Bitcoin's price broke past $90,000 as the U.S. Federal Reserve halted its quantitative tightening policy, alleviating liquidity pressures and raising expectations for lower interest rates. This policy shift spurred interest in alternative assets like Bitcoin.
Ether maintained a value above $3,000, while other key cryptocurrencies such as Solana (SOL), Cardano (ADA), and XRP followed similar upward trends. Hedera benefited significantly from this market-wide optimism.
Canary Capital's HBAR ETF on Vanguard
Canary Capital launched its spot HBAR exchange-traded funds (ETFs) on Vanguard's platform, marking a significant milestone as it's the first ETF to offer exposure to Hedera's native cryptocurrency, HBAR. This move allows investors to access cryptocurrencies through traditional brokerage accounts, bypassing the need for crypto exchanges or digital wallets. Hedera operates as a decentralized public network utilizing the hashgraph consensus for transactions, with HBAR serving as the native token for fees and staking.
Canary Capital's initiative reflects a growing institutional interest in regulated cryptocurrency products and highlights the increasing involvement of traditional finance firms in providing digital asset solutions.
Future of HBAR Pricing
HBAR's price reached $0.14384, marking a 10% increase over the past day. The MACD indicator shows a positive crossover, suggesting potential further gains as the blue MACD line overtakes the orange signal line, indicating a shift in momentum toward buyers. Additionally, green histograms below the zero line signify growing bullishness.
Should the bullish momentum continue, Hedera's price could rise to $0.15 or even $0.17. However, if bears gain control, the price might retract to $0.13, with further declines possible if the support level fails.