📊 Render Price Targets $10 as Channel Breakout Pushes Past $8

Hedera (HBAR) has become the top loser out of the top 100 cryptocurrencies following a 20% price decrease in the last 24 hours. This HBAR price drop came just hours after the price rallied by 180%

BeInCrypto’s findings suggest that the recent notable market decline may be tied to growing speculation over the potential successor to the US SEC Chair position. However, this isn’t the sole factor influencing the downturn.

🔸 Hedera Slides in Several Areas Because of This

HBAR witnessed a price surge after Canary Capital filed its first exchange-traded fund (ETF) application for the asset. The news marked a significant milestone for Hedera, instilling optimism among investors and triggering an initial price hike.

However, the triple-digit rally in HBAR’s price seems more closely tied to speculation regarding the US president-elect Donald Trump’s potential nomination of Brian Brooks, a Hedera board member, as the next SEC chair.

But yesterday, November 19, the rumors changed, with some media platforms suggesting that crypto lawyer Teresa Goody Guillen could now be the top candidate. As a result, the HBAR price dropped by 20%.

Following the development, total Open Interest (OI) in HBAR derivatives has dropped from $120 million to $100.95 million.

The decline in OI reflects reduced speculative activity, as fewer traders are initiating new positions. Further, this reduction in speculative activity often leads to diminished liquidity, suggesting the altcoin may struggle to sustain its recent uptrend.

Additionally, the positive sentiment surrounding the project, which had previously increased, has now waned. Typically, a rise in positive sentiment indicates a surge in bullish commentary about the cryptocurrency.

However, the recent drop in sentiment suggests a decrease in these bullish discussions. If this trend persists, it could further challenge HBAR price ability to climb higher in the short term.

#HBAR #HEDERA

It appears that the Hedera Council is taking significant steps to strengthen the Hedera Hashgraph ecosystem by allocating 4.86 billion HBARs. This demonstrates a commitment to the development and expansion of the platform.
The distribution of the majority of these HBARs (4.248 billion) to existing initiatives such as the HBAR Foundation, the Hashgraph Association and the DLT Science Foundation aims to support projects already in place and foster the continued growth of the network.
Mention of Hedera's accelerated adoption in 2023, with over 33 billion real-world transactions processed, indicates growing demand for Hedera Hashgraph's technology.
However, it is important to note that the growth of a blockchain or distributed ledger technology depends on various factors, including continued adoption, underlying technology, market competition, and other developments. . Investors and blockchain technology enthusiasts may see this allocation as a positive sign of confidence in the project.
As always, investors and market observers should conduct their own thorough research (DYOR) to fully understand the implications of these decisions on the Hedera Hashgraph ecosystem and assess long-term growth prospects.
#HEDERA

🤝 Hedera shakes up finance: Shinhan Bank launches KRW on the blockchain for seamless transactions

🔺 Shinhan Bank Completes Pilot Phase

As previously reported by Crypto News Flash, this pilot phase is a continuation of Shinhan Bank’s Proof-of-Concept (PoC), which began in 2021 when it partnered with Standard Bank, Africa’s largest bank on stablecoin international remittances.

The PoC is compatible with Ethereum Virtual Machine (EVM), which means that any EVM-based stablecoin issuers can use the framework. Issuers benefit from the high scalability of Hedera Token Service at 10,000 TPS and EVM’s increased programmability, which unlocks unmatched stablecoin flexibility and power.

In a test environment that matches current production capabilities, the pilot accomplished real-time settlement and real-time foreign exchange (FX) rate integration for KRW, Thai Baht (THB), and New Taiwan dollar (NTD). Throughout this pilot, Shinhan Bank collaborated with multiple corporations including SCB TechX, a digital technology-focused subsidiary of the SCBX Group.

🔺 Hedera’s Focus on Asia Market

Asia has become a key focus area for The HBAR Foundation. The symbiotic relationship between businesses and consumers in Asia may be the reason why Web3 adoption is interdisciplinary, with Non-Fungible Tokens (NFTs) and gaming standing out. In addition to this, there is clear institutional interest and participation.

Shinhan Bank is one of many financial institutions exploring RWA solutions on Hedera in Asia. Hedera network has formed partnerships with Nomura Bank and DBS Bank.

Meanwhile, HBAR, the native digital asset of Hedera recently saw its price spike and subsequent plummet due to a misunderstanding involving BlackRock, as highlighted in a Crypto News Flash YouTube video.

The excitement began when blockchain startups Archax and Ownera tokenized shares of BlackRock’s ICS US Treasury Money Market Fund on the Hedera platform. However, BlackRock quickly refuted the news, stating that it had no direct role in the tokenization process.

$HBAR #HBAR #HEDERA