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.
IMX Price Double-Tops Ahead of Immutable X Token Unlocks
IMX crypto price pulled back on Friday as investors waited for the upcoming token unlock that is scheduled for Saturday. The token rose to a high of $0.675, which was slightly above the intraday low of $0.6513. It remains a few points below this year’s high of $0.7500.
Immutable X token unlock
Immutable X is a relatively small blockchain that plays an important role in the non-fungible token (NFT) industry. It is a layer-2 network that is focused on the non-fungible token (NFT) industry. A layer-2 network is a sidechain that handles transactions at a faster pace and at lower costs than Ethereum.
These networks, which include networks like Polygon, Arbitrum, and Optimism, handle transactions at a significantly lower cost. That’s because Ethereum is well-known for its substantially slow speeds and high transaction costs.
As a result, Immutable X has become a favorite blockchain for developers to launch their NFT collections. Data compiled by CryptoSlam shows that Immutable X handles tens of millions of NFT collections on a daily basis. In January, it has handled $11.3 million NFTs, lower than the $14 million that it processed in December. At its peak, it was handling over $53 million worth of NFTs per month.
Immutable X’s IMX token price retreated slightly ahead of the upcoming token unlock that will happen during the weekend. A token…
Cardano Price Gains Momentum as DeFi and NFT Ecosystem Wakes Up
Cardano price has been in a strong bullish trend in the past few weeks, making it one of the top-performing cryptocurrencies. ADA, its network token, has risen to a high of $0.39, which was the highest point since November 8. It has jumped by over 58% from the lowest level in 2022.
Cardano DeFi ecosystem rebound
Cardano price has been in a strong recovery as activity in its network do well. Data compiled by DeFi Llama shows that the total value locked (TVL) in Cardano’s DeFi ecosystem has been in a strong recovery as cryptocurrencies rebound. After falling below $60 million in 2022, the TVL has bounced back to about $102 million.
A closer look shows that most DeFi platforms are doing well. For example, MinSwap has seen its TVL jump by over 41% in the past 30 days. It has a market dominance of 31.4%. In the same period, Meld has seen its TVL soar to over$17.59 a million, making it the second-biggest DeFi platform in Cardano.
Other top players in the ecosystem are Indigo, WingRiders, MuesliSwap, and SundaeSwap have all seen their TVLs jump by double-digits, as shown in the chart below.
Aptos Price Continues to Defy Gravity as Activity Rises
Aptos price has been one of the best-performing cryptocurrencies in 2023 as it roared to its highest point on record. APT jumped to a high of $20.45, the highest point on record. In all, it has jumped by more than 493% from the lowest level of all time.
Why Aptos is soaring
Aptos is one of the fastest public blockchains in the world. It is an Ethereum rival that acts as a foundation for developers to build adaptive and high-quality applications across all sectors. The network, which is well-funded, has excellent speeds of more than 10,000 transactions per second.
Aptos has gained a lot of traction in the past few months. A good way to look at it is to consider the volume of assets that have been locked in the ecosystem. Data compiled by DeFi Llama shows that Aptos has a total value locked (TVL) of more than $75 million.
The number of apps in its ecosystem has been on a steady growth in the past few months. According to DeFi Llama, the number of DeFi apps in its ecosystem have grown to 16. It has a total value locked (TVL) of more than $75.65 million, making it one of the biggest players in the industry.
PancakeSwap is the biggest app in its ecosystem with a TVL of over $34 million. This…
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