58.66% growth in 24h!
Today we start the day with a super hot star, NEO token is on the green levels, effervescent like at its firsts days, but why?
As an every morning routing, the first thing I do for my daily news digest, is to check the prices on the crypto market, and today my eyes went directly to my old champion, green color, trend breaking lines, 47$ usd, NEO token telling me that it is very much alive. Even though my excitement I couldn't really figure out why this now, I mean, I'm still dealing with the foreseeable future on Bitcoin and BitcoinCash (btw, 17% up today) and other coins to go up soon, but not NEO, at least it was not in my radar for this weekend. Then my Telegram gave me a lead, a bunch of messages from different groups talking gossip about NEO.
Exchanges, Microsoft and China's regulations
The menu on theories and rumors is diverse. Fro some people this hike on the prices are explained due to more exchanges add NEO and GAS to their platform, what would make their cap grow and market volume to grow. Ok, that is something, but is it enough?
Big names like Microsoft always gives good reputation to projects like NEO, and some of the headlines getting spread on involve the software giant. Allegedly, the two companies have some sort of big announcement coming up soon. But this announcement is actually about the chinese government making some sort of deal to make NEO the official platform for the growth of crypto in China. This part is when it gets messy, when talking about China and the regulations they have or will impose, it opens the opportunity for major speculations. A possible lift on the ICO Ban and maybe choose NEO as the official platform for these fundraisers. NEO getting a big contract from the public sector where it puts them as an official authority in the future of the crypto activities in the country. Even more crazy stories like China banning Bitcoin mining but pushing for NEO.
I know when it comes to China, rumors about upcoming regulations are kind of a normal thing to expect. As once @Boxmining said something like, the government in China spread what control issue is going to tackle so people can have time to wrap up all the legalities and be in accordance to the official desires. Maybe rumors often come true over these issues, but that is no door to believe everything that is being said. Is just a way to keep your ears open and be wise with what information you control.
I still do not know an exact reason on why this pump for NEO, and it's right at the verge of the weekend, a time when the crypto always comes with surprises.
What have you heard? What do you think is the reason for NEO to go up? Please share your thoughts in the comment section. Thank you for reading.
Cheers!
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Since everything is rumor right now there is no telling where NEO will end up. I definitely think the hype that the Chinese will select NEO is why the currency is surging. With anything the Chinese implement, they need to be able to control the crypto market in their country. If they can't control it then they will attempt to insert their own influence over it to gain control. Internet was the freedom of information and crypto is the freedom of wealth. The Chinese have tried everything in their power to control and exert influence over the internet in China and will attempt to do the same to Crypto.
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Very astute observation
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Do you think it’s possibly a pump at this moment... or do you think it will continue its way up?
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Im waiting for the monday news to see if actually goes higher.
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The reason is hype and FOMO.
I see many "facts" being thrown around. Facts like "BTC mining in China will be banned, NEO mining will be allowed", completely ignoring that NEO is a PoS-based currency. Other rumors from the same source get picked up and are used to attract even more people, to keep the pump going.
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by albertogm from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
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