Arslan Butt
Nexo price prediction remains mixed as the cryptocurrency trades sideways in a narrow range of $0.50 to $0.80. The NEXO/USD pair began trading at $0.660216 on December 9. It has risen by 6% in the last day and is now worth $0.667940.
The NEXO/USD exchange rate has fluctuated between $0.6845 and $0.6600. Furthermore, its value has increased by more than 2% in the last week.
Nexo Leaving the United States
On December 5, Nexo, a cryptocurrency lender, announced that it will gradually phase out US products and services over the next few months.
NEWS
After hitting a “dead end” with regulators, crypto lender Nexo to leave the US.
— Kryptoskatt (@kryptoskatt) December 6, 2022
In a Monday release, the UK Company said that despite 18 months of discussions with regulators, the US refuses to create a path for allowing blockchain enterprises. Nexo noted that it had engaged in discussions with American state and federal regulators but that they had reached a “dead end.”
The corporation stated it had exchanged information with the regulators and attempted to “proactively modify its business” in response to these law enforcement agencies’ concerns. However, it only disclosed a few details about these discussions.
BREAKING: Crypto lender Nexo is leaving the U.S., cites a "dead end" in talks with regulators.
— Financial Index (@financial_index) December 5, 2022
The company went on to say that state and federal authorities had “inconsistent and shifting attitudes” and that it “cannot give our customers confidence that regulators are focused on their best interests.”
The company assured its users that withdrawals would continue to be processed as long as they had continuous access to their funds. NEXO/USD has risen since the company announced its intention to leave the United States in the coming months.
NEXO Shows FTX-Free Reserves
Nexo revealed a page from its proof-of-reserve, which revealed that the company had $3.4 billion in consumer deposits. The exchange clarified its reserves and treasury management procedures, as well as its refusal to make uncollateralized loans to well-known digital asset managers.
NEXO releases proof of reserves showing no exposure to FTX pic.twitter.com/l3VeXN0hBn
— updates.eth (@update_eth) December 1, 2022
Despite releasing proof-of-reserves without an asset breakdown or wallet addresses, Nexo emphasized its risk engine as the sole factor in the lack of bad debts. According to the tweets from November 28, while several exchanges provided evidence of reserves, they did not demonstrate whether their assets exceeded their liabilities. The company that was able to withdraw its FTX balance during the previous countdown claimed to have both on-chain and off-chain assets.
Nexo’s audit of its custodial assets revealed that the assets were sufficiently backed by 100% collateral and had customer obligations totaling approximately $3.4 billion. The importance of Proof of Reserves in the thread was recognized by the company. However, it also requested greater transparency, mentioning the need for reliable attestation from outside accounting firms.
The tweets emphasized Nexo’s ability to manage bad debt in order to achieve sustainability, positive profit margins, and scalability. The tweet demonstrating the company’s transparency and lack of exposure to FTX has increased the price of NEXO.
Smart Staking is Live on Nexo
The official Nexo Twitter account announced on December 7 that “Smart Staking is now live on Nexo!” Users of the NEXO token benefit from a variety of platform benefits, including lower lending and borrowing rates.
Smart Staking is live on Nexo!
Earn staking rewards, paid out daily.
Join the #Ethereum 2.0 validating network without any hassle – just swap $10 or more of $ETH for Nexo Staked ETH $NETH and you’re in. Smart is simple.
Happy staking! https://t.co/tyT1YzJeYe
— Nexo (@Nexo) December 7, 2022
Users can earn staking rewards on a daily basis. Furthermore, users can exchange their Ethereum (ETH) for Nexo Staked ETH (NETH) and receive NETH staking incentives ranging from 4% to 12% annual percentage yield.
Nexo’s native coin increased significantly following the release of its Ethereum Smart Staking tool.
Nexo Price Prediction – NEXO is Up 10% at $0.681, Can it Double Before 2023?
Despite a gain in NEXO, the overall trading bias is bearish, and it must break out of a narrow range of $0.50 to $0.80 before continuing its uptrend. On the upside, NEXO is likely to encounter significant resistance between $1.10 and $1.45.
While a bearish break of the $0.50 support level could expose NEXO to the $0.25 area.
There are a few alternative coins with massive upside potential, let’s have a look!
Dash 2 Trade (D2T)
D2T is one of the most important new cryptocurrency projects of 2022, owing to the team’s understanding of what cryptocurrency traders and investors require in today’s market. Dash 2 Trade’s capabilities and features can help traders make better investment decisions by speeding up the asset selection process.
The project will be listed on the BitMart and LBank exchanges following the presale. Even though the presale is still in its early stages, the platform is rapidly approaching the end of the final stage.
D2T, the platform’s native token, will be used to pay for platform services as well as participate in community activities and tournaments. The cryptocurrency is already being sold, with over $9 million already raised.
IMPT – Presale to End In 4 Days
IMPT’s team is making the world of carbon credits much more efficient than ever before by putting carbon credits on the chain. Previously, the carbon credit system was highly opaque; it only applied to businesses, and trading with them was inefficient and out of date. Carbon credits can be sold as NFTs on the blockchain 24/7.
LBank and Changelly Pro, two centralized exchanges, will list IMPT shortly after its DEX launch. The IMPT presale has raised $15.6 million and is nearly finished. The price of the IMPT token has risen with each stage of the presale to $0.023.
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Dash 2 Trade - New Gate.io Listing
- Also Listed on Bitmart, Changelly, LBank, Uniswap
- Collaborative Trading Platform Token
- Featured in Bitcoinist, Cointelegraph
- Solid Proof Audited, CoinSniper KYC Verified
- Trading Community of 70,000+ Members
This article was written for Business 2 Community by Arslan Butt.
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