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Nexo Crypto Price Soars After the SEC Settlement
Nexo price surged on Friday on low volume as investors reacted to the latest settlement between the company and US regulators. The token jumped to a high of $0.87, the highest point since November 8. It has jumped by over 41% from its all-time low.
Nexo is a real survivor
Nexo is one of the biggest companies in the crypto industry. The company provides a centralized platform where users can borrow cryptocurrencies using their tokens as collateral. It has handled billions of dollars in the past few years.
Nexo also offers a Nexo Card, which allows people to spend their coins at any Visa-enabled place. Additionally, Nexo has an earn product that makes it possible for people to make money by just depositing their tokens.
Nexo is a real survivor having managed to weather the crypto winter. This happened because of the due diligence that the company has. Also, unlike other companies in the industry, Nexo has a transparent platform as it shows its total assets and liabilities in real-time. At the time of writing, it holds 103,888 Bitcoins in customer liabilities that are fully backed. These coins are valued at over $2.1 billion.
Nexo is a real survivor because many companies that offered its services have gone bankrupt. Celsius Network went bankrupt following the collapse of Terra and its ecosystem. BlockFi went under shortly after that and was acquired by FTX. It filed for bankruptcy after FTX collapsed. Genesis collapsed this week.
Nexo settles with regulators
Nexo crypto price surged on Friday after the company settled with American regulators without admitting guilt. The regulators had sued the company that Nexo was offering Nexo Earn without registering with the regulator. Nexo no longer offers these products in the United States. In a statement, Nexo’s founder said that:
“We are content with this unified resolution which unequivocally puts an end to all speculations around Nexo’s relations to the United States. We can now focus on what we do best – build seamless financial solutions for our worldwide audience.”
In most cases, stocks and other financial assets tend to rise after settling with regulators. That’s because a settlement is usually a positive thing.
Therefore, there is a likelihood that the Nexo price will continue rising in the coming days. If this happens, the token will rise and retest the important resistance level at $1.
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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