NEO: 3 Reasons for the Price Spiraling Downward
Cryptovest
Published Aug 23, 2018 07:37AM ET
Updated Aug 23, 2018 08:41AM ET
NEO: 3 Reasons for the Price Spiraling Downward
For a long time, NEO (NEO) was considered “the Chinese Ethereum.” However, its market price has sunk to extremely low levels, even lower than the depressed position of Ethereum (ETH) itself.
NEO is under threat of falling below $17 in the latest market downturn, which would effectively wipe out all gains since August 2017. The asset peaked at $196.85 on January 10 as the first days of that month coincided with an apex for the entire crypto market. But there are reasons specific to NEO that may be causing the slide.
China cracking down: Initially, everyone thought the Chinese government would condone NEO, but the most recent crackdown has led to widespread de-platforming of crypto projects. Beijing has taken down news channels on WeChat, and anti-fraud measures continue to depress initial coin offerings (ICOs).
https://twitter.com/cryptomanran/status/1032319665597546496
The renewed Chinese crackdown comes as no surprise, and the markets have absorbed such news before. But coupled with a bear ...
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