Upbit and the release of more Korean exchanges will lead to great days ahead for both Bitcoin and Neo. Increased choice, security and increased ease of use only spell good news for the future of crypto.
The beginning of this week showed some major recovery for the crypto market as Bitcoin nearly eclipsed $4000 and many Altcoins recovered drastically. One coin that saw major recovery was NEO as it saw positive gains of about 30%.
This recovery for both Bitcoin and Neo comes from the fact that South Korea will soon be entering the crypto market as a major player. NEO CEO Da Hongfei stated in a recent interview with a Dutch newspaper that he believes South Korea and Japan are far more important players than China.
“I think you can better check what’s happening in South Korea and Japan. That applies to the Bitcoin, and also to the NEO.”
Source: https://neonewstoday.com/interviews/da-hongfei-in-dutch-newspaper-het-financieele-dagblad/
South Korea will continue to become bigger players in the crypto market as more exchanges begin to open and more options become available there.
This means that Bitcoin will gain more volume, more demand and in turn should result in higher prices. It is my belief thanks to Da Hungfei’s recent comments and connection to South Korea that NEO will also benefit greatly from this market in the coming days.
There is a big day coming up for both Bitcoin and NEO as Korean wallets just opened yesterday at 10:00 Korean time and trading begins this Thursday (September 28th).
Source: https://cryptovest.com/news/breaking-neo-heading-to-korea-after-chinese-shutdown/
I expect many coins to recover heavily shortly, as more exchanges open in Korea the demand and price will continue to rise. Another major moment for Bitcoin will come next month when the massively hyped Korean exchange "Upbit" opens.
Why is this exchange so hyped and why will it affect the crypto market so much? Well the answer is simple, currently Korean exchanges roughly offer between 5-8 currencies on average. Upbit plans to offer 111 coins on its launch while also launching a IOS and Android trading app with extra security.
Increased choice, security and access only spell positive trends for the crypto market. Upbit is also owned by South Korea’s top mobile trading app Kakaostock, so I am extremely excited for the release of this exchange and the positive implications it has for the crypto market.
The market is starting to recover from the recent Chinese news and regulations. With the South Korean market on the horizon and the potential return of crypto in China expect some great days ahead in the future for the crypto market.
As always follow me here: @cryptomarketking for future news, analysis, and articles.
I'm all for more demand coming into NEO. Though the news on NEO seems to change daily. Just a few days ago I saw news they were working with the Chinese government to aid in their crypto/blockchain initiatives.
That is still speculation, see the interview with Da Hongfei and the Dutch newspaper. I believe that will happen but like Da Hongfei says in the mid term.
Either way its all good publicity for NEO :-)
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STOPWow...thats great news..thanks for sharing