The harsh market moves on Tuesday had served yet another pushback for the crypto sphere. Bitcoin’s (BTC) pulling back to $110K set off a domino effect across major-cap altcoins, with Hedera (HBAR) now falling out of crypto’s TOP 20 by global market cap after a 24% monthly downturn, dwindling nearly 50% from the cycle top.
HBAR Network Landing On Samsung Galaxy Phones?
Tongues are wagging their tails on X in relation to a potential link-up between Samsung & Hedera Hashgraph (HBAR). Previously, the South Korean tech behemoth integrated crypto access via Coinbase, while people familiar with the matter now claim Samsung’s flagship Galaxy devices might have built-in support for Hedera’s Distributed Ledger Technology (DLT).
With no confirmation yet, Hedera’s HBAR token keeps struggling amidst an all-around market dip, pushing HBAR’s price to retest the $0.18 support floor this Tuesday. Now, HBAR holders are relying on Hedera’s Spot price-tracking exchange-traded fund (ETF) to be approved by year-end, but the United States (USA) government shutdown can stall the move.
Sponsored
Regardless, Canary Capital had recently amended their HBAR ETF, bringing ticker symbols as well as maintenance fees. Amendments like these usually stem from commentary by the SEC, even though the current 0.95% sponsorship fee seems a bit high, notes crypto analyst The HBAR Bull. In most cases, revealing management fees & tickers is the last step before take-off.
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The decline may be due to broader market sentiment and regulatory uncertainties around crypto ETFs, overshadowing long-term potential gains from Samsung’s integration.
Rumors suggest Samsung might integrate HBAR Network into Galaxy devices, potentially boosting adoption, but this hasn’t yet translated into immediate price support.
The shutdown could delay SEC approvals for HBAR ETFs, adding to market volatility and contributing to the current price pressure.
Canary Capital filed for an HBAR ETF, with listing possibly imminent, but regulatory delays due to the shutdown might hinder this.
It’s part of 21 crypto-backed ETFs, indicating institutional interest, which could mitigate short-term price pressure if approvals proceed.
