- Hedera Hashgraph’s institutional push escalates via Copper partnership.
- The UK-based crypto custodian opens doors for corporate HBAR staking.
- Price appreciation sees obstacles in low volume & negative funding rates.
Copper, a crypto custodian headquartered in London, has extended institutional access to Hedera’s distributed ledger. Looking after more than 300 institutions and crypto platforms worldwide, this new partnership with Hedera Hashgraph enables the customers to hold and stake Hedera (HBAR) via Copper’s on-ramp solutions.
HBAR: A Top Choice for Tokenization?
Hedera Hashgraph has been one of the most popular blockchains focused on Real World Asset (RWA) tokenization. Earlier in 2024, a BlackRock Treasury fund went live on Hedera Hashgraph, paving the way for a huge spike resulting in a new yearly high for HBAR.
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While BlackRock wasn’t directly involved in the deed, Copper, a crypto custody firm, initiated a direct line with Hedera’s HBAR, as the firm was the first to build a crypto 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,” observed Shayne Higdon, the co-founder and CEO of the HBAR Foundation. Once implemented, institutional investors can choose their favorite HBAR validators to stake their tokens via the Copper Connect dApp, which is fully compatible with Ethereum.
Is Hedera’s HBAR Poised For Rebound?
With Hedera expanding institutional reach, crypto investors are expecting some price appreciation. However, Hedera’s HBAR movement after BlackRock’s money market fund (MMF) boosted the altcoin’s price by 60% in April 2024, tapping a new yearly high at $0.156.
More recently, HBAR’s price movement was nothing short of a continuous downtrend, sending the token down $0.05 on August 5, 2024. As the general crypto markets rebounded after the drastic pullback that day, HBAR clinched $0.05885 as a 7-day high, but the struggle to make its way out of the downward slope didn’t stop there.
HBAR faced mostly negative Open Interest-weighted funding rates within the first two weeks of August. According to CoinGlass, this metric signals a waning interest in the token on Derivatives markets, accompanied by a 10% drop in Derivatives trading volume.
Despite these setbacks, crypto analysts have drawn similarities between HBAR’s price performance now and in 2023. In a technical analysis by alpha trade dubbed Ipex, the five highlighted bubbles indicate HBAR’s run to $0.092 at the end of 2023.
According to CoinGecko, HBAR is trading at $0.0533 as of press time, dropping 27% in the latest 30-day time frame. With narrowing Bollinger Bands present in the one-hour charts, a phase of consolidation within the current price range is expected.
On the Flipside
- Momentum-inspecting on-chain metrics such as the Awesome Oscillator have remained in negative territory since May 24, 2024.
- HBAR is over 90% down from its all-time peak, claimed at $0.5692 on September 15, 2021. It has a nearly $7bn market cap.
Why This Matters
Real World Asset (RWA) tokenization is one of the most dominant narratives in crypto this year.
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