What's next for NEXO?
Key Takeaways
- NEXO is one of scores of cryptocurrencies accused of being an unregistered security by the SEC.
- It recently received security certification and launched a combined debit and credit card.
- The Nexo DeFi platform has also been under investigation over money laundering claims.
- One NEXO price prediction says it can reach $2.03 in two years time.
The NEXO cryptocurrency is looking to fight back after the United States Securities and Exchange Commission (SEC) labeled it as an unregistered security in its lawsuit against the Coinbase crypto exchange.
The token lost a chunk of its value early in June, with the news coming less than six months after Bulgarian authorities said it was investigating the DeFi platform over suspicions of money laundering.
In September, however, the platform earned the Security, Trust & Assurance Registry (STAR) Level 1 Certification from the Cloud Security Alliance (CSA).
This news was followed by the announcement that Nexo would launch its own Mastercard.
But what is Nexo? How does Nexo work? Let’s take a look and see what we can find out, and also examine some of the Nexo price predictions that were being made as of September 21 2023.
Nexo Price Prediction
Let’s examine some of the Nexo price predictions being made on September 21 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
| 2023 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $0.8713 | $2.03 | $4.94 |
| Prediction #2 | $0.76 | $1.60 | $9.94 |
| Prediction #3 | $1.24 | $1.88 | $5.99 |
First, CoinCodex had a short-term Nexo price prediction that said the crypto would have a fairly successful month or so, hitting $0.607 by September 25 and reaching $0.79 on October 20.
The site’s technical analysis was, perhaps surprisingly, bearish, with 20 indicators sending downbeat signals and 10 making bullish ones.
Nexo Price Prediction for 2023
When it came to a Nexo price forecast, Bitnation struck a happy medium, forecasting it to reach $0.8713 in 2023. Its figure was more than the $0.76 that PricePrediction.net had in store, but lower than the target of $1.24 set by DigitalCoinPrice .
Nexo Price Prediction for 2025
PricePrediction.net said the token could trade at $1.60 in 2025, while DigitalCoinPrice had it at $1.88 that year. Bitnation was even more bullish, saying that the crypto could reach $2.03 in two years time.
Nexo Price Prediction for 2030
Looking at a more long-term Nexo price prediction, DigitalCoinPrice said Nexo could reach $5.99 in 2030, higher than Bitnation’s forecast of $4.94.
PricePrediction.net, on the other hand, was incredibly optimistic. It said Nexo would reach $9.94 at the start of the next decade.
Recent Updates from Nexo
In September, Nexo announced that it had obtained the the Security, Trust & Assurance Registry (STAR) Level 1 Certification from the Cloud Security Alliance (CSA).
In a blog post, Nexo said : “Through adopting CSA’s Cloud Controls Matrix (CCM) and GDPR Code of Conduct, Nexo has been able to demonstrate its robust security controls and strict adherence to prevailing regulations, standards, and frameworks. It’s the transparency our community and the wider crypto public deserves to access information about Nexo’s security practices through the publicly accessible STAR Registry.”
The news came shortly after it revealed its Mastercard would have both debit and credit facilities. Not only that, but Hedera (HBAR) and Worldcoin (WLD) would also be available on the platform.
NEXO Price History
Let’s now take a look at the Nexo price history . While past performance should never be taken as an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting a NEXO price prediction.
Nexo first came onto the open market in the second quarter of 2018 and was worth about $0.33. It soon dropped and, over the next two and a half years or so, it mostly hovered between $0.01 and $0.10.
Things started to improve in early 2021. The crypto market flourished and Nexo responded, breaking past the dollar in early February on its way to a periodic high of $4.05 on 12 May.
The market slipped down over the following few months, but it made a resurgence in August. This sent Nexo back over $2.
November was another busy time for the token. It responded to a growing interest in crypto spurred by Bitcoin (BTC) reaching record levels, and NEXO enjoyed an all-time high of $4.63 on 16 November 2021, before sliding down to close the year at $2.39.
Things initially looked upbeat for Nexo in 2022. Although the market was sluggish in the first few months of the year, the news that Binance (BNB) would list the token saw it reach $3.40 on 29 April. After that, though, a series of market crashes saw it plummet to $0.5595 on 18 June.
There was something of a recovery, with NEXO climbing above the dollar briefly in August. It fell back down and closed the year at $0.6556. This meant it lost more than 70% over the course of 2022.
Nexo in 2023
So far, 2023 has proven to be something of a disappointment for Nexo. It rallied at the start of the year, reaching $0.8927 on 2 February in spite of the charges against its founder. However, the collapse of the Silvergate bank saw it drop to $0.562 on 10 March.
The crypto recovered to above $0.75 later in the month but the news that the SEC was to sue Binance and Coinbase shook it. As a result, it dropped to $0.5864 on 15 June.
The token recovered somewhat, reaching a high of $0.6765 on July 30. Although it spent most of July and a good chunk of August above $60, dark times were ahead. On August 17, the market crashed following the news that Elon Musk’s SpaceX had sold millions of dollars worth of Bitcoin (BTC) and NEXO fell, too. By September 13, it was worth $0.5252. The token made a small recovery and, on September 21 2023, it was worth about $0.58.
At that time, there were 560 million NEXO in circulation out of a total supply of one billion.
This gave the token a market cap of about $323 million, making it the 9oth-largest crypto by that metric.
Nexo Price Analysis
NEXO has been in a downtrend since November 2021, falling around 85% to a low of about $0.55 in June last year. Although there was some recovery at various times after this, that level has served as something of a base for the price of NEXO.
On September 13 this year it fell to that level. With the price approaching the apex of the descending trendline a breakout of sorts took place.
If the buyers keep buying and hold at $0.55 we could see the start of an uptrend. Alternatively, if the sellers keep selling, it could collapse below the $0.55 level, meaning it could keep doing down even further.
It all depends on what happens. If there is a significant price rise soon, NEXO could reach $1.65, but if it does fall below $0.55, it could drop as low as $0.26.
Is Nexo a Good Investment?
It is hard to say. On one hand, Nexo has been proactive recently, launching a mastercard and getting security certification. On the other hand, though, there are still clouds looming over it. With it under suspicion of money laundering and with the SEC accusing it of being an unregistered security, it remains to be seen whether the crypto can not only emerge from the other side of regulation intact.
There is also some question as to how it can fit in the ever-growing DeFi space. As always with cryptocurrency, you will need to do your own research.
Will Nexo go up or down?
No one can really say for sure right now. While the price forecasts are largely optimistic, price predictions are very often wrong. You should also remember that prices can, and do, go down as well as up.
Should I invest in Nexo?
Before you decide whether or not to invest in Nexo, you will have to do your own research, not only on NEXO but on other, similar coins and tokens, such as KAVA and AAVE.
This is, ultimately, a decision you will have to make for yourself. Just make absolutely sure that you never invest more money than you can afford to lose.
From the Whitepaper
In its technical documentation, or whitepaper , Nexo claims to be a pioneer of quick crypto lending. It says: “Nexo delivers the World’s First Instant Crypto-backed Loans, thus resolving a crucial inefficiency for the crypto world. Up to this very moment, no alternatives existed for digital asset owners to enjoy their crypto wealth except selling them.
“The innovative model of Nexo brings to the crypto community the best of both worlds – retaining 100% ownership of their digital assets while having immediate access to cash. The Instant Cryptobacked Loans are an automatic, flexible and cost-efficient way of obtaining liquidity that is secured by the value of the client’s digital assets. The whole process is completed in just a few simple clicks.”
Nexo (NEXO) Explained
One of the most important parts of the overall crypto world is decentralized finance (DeFi). The idea that people should be able to get access to financial services without having to rely on traditional, centralized, banks is key to the whole concept of blockchain-based finance.
Nexo is a DeFi platform, founded by former Bulgarian member of parliament Antoni Trenchev in 2018. People can deposit cryptocurrencies as collateral and, in return, receive a loan in either stablecoins or fiat currency.
The NEXO crypto token supports the Nexo platform.
How Nexo Works
If someone deposits crypto in their Nexo wallet, they can be paid interest in NEXO. If they choose to receive the system’s native token, they can get a higher rate of interest. NEXO holders can withdraw their money from the platform without incurring a charge. Also, holders can earn dividends from the company’s profits.
People can also buy, sell, and trade NEXO on exchanges.
Because NEXO is based on the Ethereum (ETH) blockchain it is, technically speaking, a token, rather than a coin. You might see references to such things as a Nexo coin price prediction, but these are wrong.
FAQs
Will Nexo reach $10?
It could do but, if it does, it won’t do it for some time. PricePrediction.net says it will reach double figures in 2031, while DigitalCoinPrice thinks it will happen in 2032. Keep in mind that the highest-ever NEXO price was $4.63, which it reached in November 2021.
What is NEXO used for?
NEXO holders can receive higher rates of interest from the Nexo crypto lending platform. They can also receive dividends from Nexo’s profits. People can also buy, sell, and trade NEXO on crypto exchanges.
Further reading
Loom Network price prediction 2023: What is Loom Network (LOOM)?
Ark Price Prediction 2023: What is ARK?
Galxe Price Prediction 2023: What is Galxe (GAL)?
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
