By
Temitope Olatunji
April 16th, 2024
Bitfinex has announced the beginning of NEO exchange trading against USD, BTC and ETH. Top-ten altcoins seem to regain value and reverse the losses after China’s ICO ban declared on Monday.
A few hours earlier today Bitfinex, world’s major trading environment for the spot purchase and sale of Digital Tokens, has announced the addition of NEO currency for trading against USD, BTC and ETH. The information appeared in Bitfinex official blog and on Twitter.
We are happy to announce that $NEO is now available for trading against USD, BTC & ETH!
Full announcement here: https://t.co/dgZeJjgQSW
— Bitfinex (@bitfinex) September 7, 2017
It commented: “Bitfinex is excited to support the NEO ecosystem and the team behind the token, and to experience first hand the growth and development of the project.”
The NEO token has always been considered as an interesting and perspective project, the so-called Ethereum of China, showing positive price momentum. It has surged in its value over the course of the year, topping $50 per coin. However, the price of NEO coins has significantly plummeted during the last few days following the People’s Bank of China’s ban on ICOs. The lowest point of NEO was fixed on September 4, when the price fell to $19 per coin.
China’s ICO ban on Monday brought about a significant drop of all major cryptocurrencies, including the most world-known cryptocurrency Bitcoin, which historical maximum of $4975 per coin was fixed on September 2.
However, the negative dynamics of cryptocurrency trading could be dramatically observed only within 24 hours from the moment of PBoC’s announcement. According to First Financial Daily, some prices soon recovered slightly, as speculators were attracted to re-buy top-altcoins trying to capitalize those wild fluctuations. Despite the fact that ICOs were banned, investors continue to believe in the blockchain technology behind Bitcoin. “I think it is still very reliable, the fall should also rise,” an investor told the news outlet.
After Bitfinex announced the addition of NEO, the cryptocurrency has gained 38.31% and is currently trading $29.12, demonstrating a broad comeback since the initial crackdown in China on Monday. The altcoin is not only regaining its price in US Dollars, it is also gaining ground compared to Bitcoin. It has already gained 37.30% in price against Bitcoin despite Bitcoin’s more than high value on the market.
Some experts believe that NEO’s quest to a new all-time-high is underway, but positive forecasts still remain uncertain. The current situation on cryptocurrency market is anything but stable, as Chineese authorities are considering to impose futher restrictions on digital currencies.
Moreover, China is not the only country concerned about the rapid growth of crowdsales. For instance, Canada and Singapore have also issued warnings that tokens purchased and offered through ICOs may be defined as securities. South Korea’s central bank is about to strengthen the regulation over cryptocurrencies and to punish startups raising funds via crowdsales either.