Hedera's price has experienced a significant decline today, driven by a combination of market dynamics and recent developments. Despite the promising announcement of a collaboration with Chainlink to enhance Hedera's DeFi capabilities, the market sentiment has been overshadowed by broader crypto market trends. The integration with Chainlink is expected to boost Hedera's ecosystem by providing decentralized data feeds, which analysts believe could lead to a surge in Web3 developers. However, the immediate market reaction has been negative, with Hedera's trading volume increasing by 29.70%, indicating high selling activity.
The broader crypto market has been under pressure following a massive outflow from spot Bitcoin ETFs, which saw a record $671.9 million withdrawn on Thursday. This bearish sentiment has spilled over into altcoins, including Hedera, contributing to its price decline. Additionally, the recent approval of hybrid Bitcoin-Ethereum ETFs by the SEC has not provided the expected positive momentum for Hedera, as investors remain cautious amid the current market volatility.
Hedera's price has dropped by 5.42% today, reaching a low of $0.253960.