Hedera (HBAR) experienced a significant downturn today, primarily due to profit-taking following a recent surge driven by rumors of an upcoming HBAR ETF and a new partnership in the RWA tokenization market. The cryptocurrency had previously rallied to a 38-month high, fueled by increased trading activity and speculation around the approval of a spot HBAR exchange-traded fund by the U.S. Securities and Exchange Commission. However, as the excitement began to wane, investors opted to lock in gains, leading to a sharp decline in HBAR's price.
The recent partnership with the World Gemological Institute and Vaultik to tokenize luxury items on the Hedera blockchain had initially bolstered investor sentiment. Additionally, the deployment of Hedera’s technology in WISeKey’s satellites launched by SpaceX had further contributed to the bullish outlook. Despite these positive developments, the market's focus shifted today, resulting in a sell-off as traders reassessed their positions.
HBAR's price has fallen by 6.02% today, reaching a low of $0.352545. This decline comes after hitting a high of $0.384003 earlier in the day.