Hedera skyrockets as Canary files for HBAR ETF

Hedera (HBAR) price rose sharply on Nov. 12 to hit highs near $0.07 – the highest level since July.

The Hedera token rose more than 20% in the past 24 hours to hit highs near $0.07. This saw the cryptocurrency reach its highest price level since July and stand out among top gainers.

Gains for HBAR came as the cryptocurrency’s holders reacted positively to the latest Hedera news.

Specifically, the altcoin was surging after Canary Capital Group submitted an application to list an exchange-traded fund for HBAR.

Canary files for HBAR ETF

The proposal to list and trade shares of the Canary HBAR ETF comes amid an increased exuberance across the crypto market. With the SEC’s approval of spot Bitcoin and Ethereum ETFs having driven significant interest and demand from institutional investors, the anticipation is that more crypto assets could be poised for a similar trajectory.

Canary Capital is among the issuers targeting this potential influx of investment money. With the market seeing filings for spot ETFs for Solana, Litecoin and XRP in recent months, the addition of Hedera on the list has the HBAR community excited.

The filing for the HBAR ETF comes a few weeks after Canary launched its HBAR Trust.

Donald Trump’s historic win in the US election and the pro-crypto stance he showed during the campaign has crypto in an upbeat mood.

As the industry ponders the positive regulatory environment that Trump’s administration will offer, the anticipation is that approval for more crypto investment vehicles is highly likely. Moreso, the chances of a SOL, LTC, XRP or HBAR ETF being approved will rise significantly if current SEC Chair Gary Gensler exits the agency.

Trump pledged to fire the SEC chair when he takes over in January 2025.