The neo-currency, often called "Chinese ethereal", was hit hard when China's exchange platform ban was announced last week. Where the price dropped to a low of $ 13.29 per currency, a huge drop from the peak of $ 48 just 30 days ago. The decline in price was directly linked to the Chinese ban news announcement as the currency of the New Chinese Yen (NEO) is generally a Chinese currency. In addition, since the spread of negative news about embargoes, most of the volume of digital currency has been concentrated in the Bittrex platform 45%) and the Bitfinex platform as a secondary exchange platform.
The price is very low but not out of the platforms
With the announcement of the ban on local Chinese exchange platforms and the generally expressed anti-currency sentiment in China, some thought that the neo currency would be taken out of exchange platforms simply. However, just a week after some investors had to pay off the initial currency offer, the currency recovered much of what it lost. On a relatively stable trading level, the New currency rose to more than $ 26 per currency, a 100% full increase from its lowest level. And a significant increase of 20% from its price yesterday. As previously mentioned by the "Cointelegraph", the Neo currency may be in a position to be the digital currency and the best application platform within China. Removing all competitors from the road allows success to be achieved much faster.