The cryptocurrency market is rebounding today after many coins lost double-digit percentage value yesterday. China announced their implementation of banning both foreign and domestic cryptocurrency websites with their country-wide firewall. Panic sells have become a common theme as countries publically announce new regulations around cryptocurrency. However, it seems the fear has subsided as most coins within the top 10 are showing green on the market at press time. Currently, NEO (NEO) and NEM (XEM) are leading the charge.
Source: CoinMarketCap
The most surprising news on the market today is the charge and comeback of NEO. NEO is known as the “Chinese Ethereum (available on Coinbase)” by most in the crypto space, and it’s currently leading the top 10 coins with the most gains, in 24 hours. Currently, NEO is selling at $92.20 a coin, up 13.14%. The coin that powers the NEO ecosystem, GAS, is also seeing gains up 13.91%, trading at $34.63 a coin. Since the beginning of January, NEO had seen a 30% decrease in its price due to speculation of regulation and the announcement yesterday. However, it appears the fear has faded, or individuals within China have just begun using “VPN” accounts to access crypto exchanges. Non-the-less, it’s nice to see a bull market, to calm the nerves.