Day: February 26, 2018

Historic move for Bitcoin sees Bitcoin Core release full SegWit support. #NEWS

Contrary to what the overall cryptocurrency market sentiment seems to indicate, there is a lot of room left for altcoin profits right now. Various currencies have noted strong gains in the past 24 hours, including NEO. With the NEO price now returning to $131 after a tough period, it will be interesting to see how this week will unfold for this altcoin.

NEO Price Rises Rather Quickly

It is rather evident interesting things are happening in the world of cryptocurrency right now. Whereas Bitcoin and Ethereum are struggling to gain traction, altcoins are the talk of the town, for the time being. The NEO price is of great interest to lots of people right now, as it has surpassed $130 once again. This past month has been a rather wild ride for the NEO price, but it seems things may finally start heading in the right direction once again.

More specifically, the NEO price surpassed $150 not that long ago. Many people assumed this was the beginning of a major uptrend, but things worked out very differently. More specifically, the NEO price quickly started losing value and even dropped as low as $68.11 at one point. Every dip is a new buy opportunity in cryptocurrency, though, and it seems the NEO price is heading back to $150 unless a major market crash occurs yet again.

With this current uptrend in place, the big question is whether or not NEO can effectively hit $150 again. It seems rather logical to assume that is a possibility, although it may take a few days, if not weeks, to happen. All cryptocurrency markets are still pretty volatile as of right now, and it won’t take much to send the NEO price back to $120. It is impossible to tell how things will evolve in the future, but for now, the situation looks pretty good.

With just $192.14m in 24-hour trading volume, NEO hasn’t exactly impressed most altcoin speculators. However, we have seen this market thrive despite lower trading volume over the past few months, thus there’s no reason to think this will become a big issue all of a sudden. Most investors and speculators still don’t look past the top five of cryptocurrencies ranked by market cap, which could explain why NEO’s volume is always on the lower side.

For once, we see an altcoin where Binance is not the leading exchange in terms of trading volume. Although Binance still claims the second and third spot with its BTC and USDT pairs, Upbit is clearly in the lead as of right now. It is quite interesting to see how South Korea will respond to NEO, considering this appears to be a China-oriented project first and foremost. It is one of the aspects of the bigger picture to keep in mind at all times.

For the time being, the NEO price appears to be underway to hit $135 and perhaps even slightly more. It will partially depend on how the Bitcoin market evolves, as NEO is noting impressive gains in the NEO/BTC ratio as of right now. If this trend can be sustained, we will see some interesting things happen in the coming hours. Do remember to take profits whenever the opportunity arises, as all good things will come to an end eventually.

The international Financial Action Task Force has said it will step up its efforts in monitoring the use of cryptocurrencies in money laundering.

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After its blockchain and bitcoin mining pivot, Riot Blockchain has been hit by three class action lawsuits in the U.S.

Poland’s Ministry of Finance has refuted reports that it is interested in the petro, the Venezuelan ”oil-backed” currency. Earlier this month, Venezuela reportedly claimed that a handful of countries have expressed interest in receiving the petro for commerce with Venezuela such as Norway, Denmark, Brazil, Vietnam, Poland, and others.

Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten

Poland Denies Interest in Petro

Prior to the launch of Venezuela’s new currency, the petro, the country’s Minister of Foreign Trade, José Vielma Mora, was quoted by Telesur TV saying that Poland and a number of other countries have “expressed interest in exporting goods to Venezuela like food and medicine” and receiving payments for them in petros.

Polish publication Gazeta “asked the [Polish] Ministry of Finance if this was true and what value it would have to have [for] such a transaction and when it could be carried out,” the publication wrote. The finance ministry replied:

The Ministry of Finance did not receive any letter in this matter…Cryptocurrencies are not issued or guaranteed by the central bank or other state institutions. Therefore, they are not legal tender or currency, they can not be used to pay tax liabilities and are not widely accepted at commercial and service outlets.

The Polish Ministry of Foreign Affairs also answered the news outlet’s questions about the country’s possible support of Venezuela’s cryptocurrency. “According to the knowledge of the Ministry of Foreign Affairs, Poland did not report interest in transactions with the use of petro cryptocurrency,” the foreign ministry clarified.

Countries Supposedly Interested in Petro

In addition to Poland, Venezuela has also reportedly claimed that several other countries are interested in receiving petros for trades with it. Telesur TV specifically mentioned “Denmark, Honduras, Norway, [and] Vietnam.”

Without elaborating, the Venezuelan Superintendent of Cryptocurrency, Carlos Vargas, said prior to the petro launch that:

There will surely be a lot of investors from Qatar, Turkey, and other parts of the Middle East, though Europeans and Americans will also participate.

Earlier this month, Maduro called on OPEC countries to join him in developing the platform for oil-backed cryptocurrencies.

Last week, the Venezuelan Minister of Popular Power for Economy and Finance tweeted that he has reviewed the economic and financial cooperation with Anton Siluanov, the Russian finance minister, “with the emphasis on the new cryptocurrency of Venezuela, the petro.”

The Venezuelan government claimed last week that it has raised more than $1 billion from the petro’s pre-sale in just two days, although some doubt that Venezuela has raised money at all with its new currency.

Do you think Venezuela has made any false statements surrounding the launch of the petro? Let us know in the comments section below.

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The post Poland Refutes Reports of Its Interest in Venezuela’s Oil-Backed Cryptocurrency appeared first on Bitcoin News.

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