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Hedera Hashgraph has recently partnered with the UK Cryptoasset Business Council (UKCBC), joining forces with industry giants Ripple and Coinbase. This collaboration aims to promote technological innovation and establish a robust regulatory framework for cryptocurrencies and blockchain-based technologies in the UK.
🇬🇧 The UKCBC Spearheads #Crypto and Web3 Innovation for Global Impact.
— Subjective Views (@subjectiveviews) March 21, 2024
🌐 Hedera has now officially joined the UK Cryptoasset Business Council. Industry leaders can unite under UKCBC’s banner to propel the UK as the epicenter of crypto assets and #Web3. Their goals are to… pic.twitter.com/fA52CGilJy
Hedera’s active participation positions it as a leading advocate for a regulated cryptocurrency market in the region. Spearheaded by influential figures in the blockchain industry, the UKCBC provides a platform for constructive dialogue and proactive measures addressing key issues in the crypto sphere.
Aligning with Ripple and Coinbase within the UKCBC underscores Hedera’s commitment to driving technological advancement and fostering decentralized finance in the UK. This partnership signifies a dedication to progress and a shared vision for a transparent, secure, and regulated crypto sector. It amplifies Hedera’s influence and represents a significant step towards establishing a more accountable and resilient industry landscape.
The collaboration between Hedera and UKCBC could potentially have a positive impact on the price of HBAR tokens. By partnering with UKCBC and other industry leaders like Ripple and Coinbase, Hedera is not only demonstrating its commitment to advancing blockchain technology but also positioning itself as a key player in shaping regulatory frameworks within the UK.
Key Levels to Watch on HBAR
This increased visibility and credibility within the regulatory landscape could attract more investors to HBAR tokens, leading to an increase in demand. Additionally, the collaboration may open up new opportunities for the adoption and integration of Hedera’s technology, further bolstering its value proposition.
However, it’s important to note that cryptocurrency prices are influenced by a multitude of factors, including market sentiment, broader economic conditions, and technological developments, so the impact of this news on HBAR’s price would depend on how these factors align.
The Average Directional Index (ADX) has recently indicated a notable weakness among buyers in the market. February exhibited a particularly robust trend, with the ADX surpassing the 40 mark, indicating strong momentum. However, the current phase suggests a recovery from a correction period. With this adjustment underway, analysts are eyeing a potential target around the swing high of $0.1410 as indicated by crypto signals.
Furthermore, the Stochastic oscillator is signaling a potential upward movement in price, given its oversold condition. This convergence of technical indicators suggests a potential bullish momentum in the near term, although market dynamics and broader economic factors will also influence price movements.
HBAR Key Levels
Demand Levels: $0.1107, $0.1054 $0.1000
Supply Levels: $0.1412, $0.2000, $0.2700
Hedera Metrics
Total Market Capitalization: $2.63T
Hedera Market Cap: $3.9B
Hedera Volume (24h): $63.4M
Market Rank: 35
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