Hedera's native cryptocurrency HBAR has surged 49% over seven days to trade at $0.23, driven by significant adoption from major UK financial institutions and new government sector partnerships. The rally pushed the token's market cap to nearly $10 billion with trading volume exceeding $1 billion in 24 hours, despite slight pullbacks during broader market corrections.
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What to Know:
- Lloyds Bank and Aberdeen Investments completed tokenized asset settlements using Hedera's blockchain infrastructure
- Hedera partnered with Accenture to develop AI transparency tools for government agencies
- Technical analysis shows HBAR breaking out of a falling wedge pattern with $0.70 price target
Financial Sector Embraces Hedera Infrastructure
The price surge follows Lloyds Bank and Aberdeen Investments' groundbreaking use of Hedera's network for digital asset transactions. According to Bloomberg, the financial institutions processed digital representations of Aberdeen's money market fund and UK government bonds through the Hedera Hashgraph blockchain. These transactions marked a significant milestone for regulated blockchain adoption in traditional finance.
All procedures adhered to existing UK financial regulations and compliance standards. The successful implementation demonstrates how established financial institutions can integrate blockchain technology within current regulatory frameworks. This development represents one of the largest real-world applications of Hedera's technology by major banking institutions.
The transaction involved issuing, transmitting, and storing tokenized assets entirely through Hedera's distributed ledger system. Financial industry observers note this could establish a precedent for broader blockchain adoption across UK banking.
Government AI Partnership Expands Use Cases
Beyond financial services, the Hedera Foundation announced a collaboration with Accenture and EQTYLab on June 11 focused on public sector applications. The partnership aims to develop AI tools that provide greater transparency and accountability in government operations. These systems will run on Hedera's blockchain infrastructure to create immutable records of automated decision-making processes.
The initiative addresses growing concerns about AI transparency in public administration.
By leveraging blockchain technology, government agencies could provide citizens with clearer visibility into how artificial intelligence systems reach decisions. This represents a significant expansion of Hedera's use cases beyond traditional cryptocurrency applications.
The collaboration may pave the way for broader adoption of blockchain-backed AI systems across government agencies. Public accountability requirements make this sector particularly suited for distributed ledger technology's transparency benefits.
Technical Breakout Signals Further Gains
HBAR's price action shows a breakout from a falling wedge pattern, typically associated with bullish momentum shifts. The move occurred on increased trading volume, indicating strong buyer interest after months of consolidation. Technical analyst STEPH IS CRYPTO identifies $0.70 as a potential short-term price target if current momentum sustains.
The pattern suggests the end of a prolonged correction phase. Weekly closes above key resistance levels could accelerate the upward movement. Market data shows HBAR attracted $5.11 million in net capital inflows over 24 hours, representing its largest single-day figure in six months according to Coinglass.
Current circulation stands at 42 billion HBAR tokens. The analyst also suggests 90% odds for spot HBAR ETF approval in 2025, which could drive additional institutional investment.
Closing Thoughts
Hedera's recent partnerships with major financial institutions and government sector initiatives demonstrate growing real-world blockchain adoption. The combination of technical breakout patterns and fundamental developments positions HBAR for continued upward momentum, with analysts targeting $0.70 as the next significant resistance level.