Hedera [HBAR] investors and traders have been on a roller coaster ride over the previous few weeks. Following failed rally attempts, the cryptocurrency has been in free slide. The market fall was caused by last week’s FTX black swan. Investor sentiment has suffered, although Hedera’s chief legal officer Jorge Pesok’s comments in an interview may provide some relief.
One of the most important takeaways from the legal officer’s interview was that it has already funded more than 150 initiatives. This meant that over 150 projects were currently being built on the Hedera layer 1 blockchain.
⚖️@HBAR_Foundation Chief Legal Officer @JPesok sat down with @craigdbarrett of @Crowell_Moring last week, sharing his insight on #Hedera, regulations, exciting use-cases, and more as a seasoned veteran of both #Web3 and the legal industry.
Read more⬇️https://t.co/4U5xYKg4EY
— Hedera (@hedera) November 12, 2022
Building towards organic utility, regulation and long-term growth
Such a large number of projects building on the Hedera network pointed towards robust potential value. This could be considered as the value that could contribute to long-term organic demand for the HBAR cryptocurrency. The large number of projects should also contribute to healthy development activity within the network.
Source: Santiment
The Hedera network also focused majorly on fostering development within the decentralized ecosystem. Nevertheless, it recognized the need for industry changes. Pesok acknowledged that regulatory uncertainty was one of the biggest challenges that the crypto industry was currently facing. Pesok had this to say regarding regulation.
“I think it is all interesting. That’s why I love the space. It keeps me on my toes and makes me stay on top of the recent developments.”
Pesok also expressed excitement about the use-cases that blockchain unlocked. He particularly acknowledged the problems that blockchain is solving in the remittance industry and the digital assets space.
When asked to make a prediction about the crypto market, the chief legal officer stated that he expected short-term headwinds to continue. He also noted that he hoped for a stronger recovery during the next bull run and stronger institutional demand.
A quick price check
HBAR’s latest price action suggested that demand was yet to recover especially after last week’s bearish outcome. It traded at $0.44 at press time, which means it reverted closer to its current 2022 low.
Source: TradingView
We might see HBAR attempt some recovery in the next couple of weeks. However, this would require a favorable market sentiment shift. The sentiment of investors was still one of caution especially after the events that took place a week ago.
Furthermore, HBAR’s weighted sentiment was still leaning towards the bearish side.
Source: Santiment
