Turns out, the buzz about Hedera (HBAR), the distributed ledger cryptocurrency platform, teaming up with semiconductor giant Nvidia (NASDAQ: NVDA) was just hot air. This hoax news actually triggered a massive $1 billion capital exodus.

This fake news story said Nvidia was looking into using Hedera’s tech to verify AI-generated data in real-time.

Investors jumped on the news instantly! They poured money into HBAR, boosting its market cap by roughly $2 billion and pushing its value up to around $6.99 billion on April 8th.

But hold on – when the truth came out that it was all fake, Hedera’s market cap took a nosedive back down to $6.03 billion. That’s a whopping $960 million vanished! It wobbled a bit and then settled at about $6.31 billion by the time this was written.

This whole false story started with a LinkedIn post, and right away, some things looked fishy.

For starters, the LinkedIn account that posted it had barely anything else on it, no real link to Nvidia at all, and the supposed employee mentioned? Nowhere to be found in public records as working for Nvidia.

Plus, neither Nvidia nor Hedera themselves said anything official to confirm this ‘collaboration’.

HBAR price analysis 

Unsurprisingly, all that selling activity has hit HBAR’s price hard, especially since the whole market’s already experiencing a bit of a downturn. Right now, HBAR is at $0.1503, that’s over a 6% drop in the last day alone. Looking at the week, it’s down 11%.

Looking at the technical side of things, it’s not pretty. Hedera’s outlook is bearish right now. The price is under both the 50-day SMA ($0.207583) and the 200-day SMA ($0.18421), which points to a downward trend in both the short and long runs.

Finally, the Fear & Greed Index is sitting at 26, which is ‘fear’ territory. That often means prices might drop even further, or maybe it’s a sign to start buying when things look scary.

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