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NEO Price Climbs Amid Bitfinex Nod

By:
on Sep 11, 2017
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Some good news for blockchain group NEO and the token price. The NEO price advanced 50% in a single session last week amid being added by Hong Kong-based cryptocurrency exchange Bitfinex. The development, which temporarily catapulted the NEO price to the USD 34 level, couldn’t come too soon for the cryptocurrency, though the price has since pulled back.

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NEO, which is known as the Ethereum of China and was recently rebranded from Antshares, had been trading under pressure amid the China central bank’s decision to ban ICOs. The ban had a chilling immediate effect on the market, especially the local cryptocurrency NEO.

But NEO and Bitfinex have responded with a one-two punch, giving investors something to cheer despite the recent fallout from the new ICO regulation. Incidentally NEO, which has created a digital economy around its token with offerings such as smart-contracts, was the industry’s first refundable ICO when the token sale unfolded last year. NEO, which has an investor base largely comprised from outside of China, recently reinstated the refund policy  

NEO, China’s maiden open source blockchain, has begun trading on Bitfinex and is available against pairs USD, BTC and ETH, according to an announcement by the exchange.  As of Sept. 11, the NEO price on Bitfinex had retreated somewhat, evidenced by a 0.81% drop since the cryptocurrency started trading on the exchange on Sept. 7.

Meanwhile NEO had touched on a record high USD 50 in mid-summer, only to see its rally interrupted by the latest regulatory clampdown. The NEO price was clearly buoyed by the Bitfinex add but there are other glimmers of hope. For instance, China’s ICO ban is increasingly being touted as a temporary hold rather than a permanent solution as regulators get a handle on the market and the rising demand for cryptocurrencies.

NEO’s market cap has surpassed the USD 1 trillion threshold as the blockchain group’s token jockeys for a spot among the top-10 leading cryptocurrencies. 

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