Neo price stabilizes: Small banks in Europe support cryptocurrency success

Small banks in Europe decide to support the thriving cryptocurrency market
Major Banks still sidelining cryptocurrencies
Neo price is stable in the current range

John Isige FXStreet

Neo stabilizes between $110 recorded on Friday 9th Feb 2018 and $115 on Monday 12th Feb 2018. NEO/USD is trading at $113 on Monday as trading opens this week. Neo has been on an upward trend for almost two weeks now. The news in the highly speculative market has been in support of both major and small virtual currencies. Most cryptocurrencies are thriving in Europe including Neo as small banks decide support cryptocurrencies.

As major banks move to sideline cryptocurrencies, small banks which in fact are the majority of banks have no love lost for the digital assets. Small banks in Europe are keeping an open mind and are not shy of the volatility in the cryptocurrency market. Banks like Falcon Bank and Vontobel have decided to support cryptocurrencies fully. The Swiss banks are going as far as to manage cryptocurrency investment on behalf of their customers. In addition to that, other banks from Germany; Fidor Bank in Germany and Liechtenstein’s Bank Frick are giving the same services to their clients as well.

Bank Fricks’s Edi Wogerer said in a statement, “There are risks involved, but there are also really big opportunities. We know what to do from a security perspective, so this is a big opportunity for banks like us. Bigger banks were “scared” of cryptocurrencies because they don’t understand them, they feel threatened.”

The cryptocurrency market needs banking institutions to support the purchase of the assets. These divergent decisions made by major and small banks could lead to a split of the banking sector into two camps. The smaller banks could be winners as the market grows exponentially. Their role in cryptocurrencies is quite evident.

Neo buyers appreciate the positive news in the market. The bulls are in control of the price, and the trend is in the upside as trading begins on Monday for this week. NEO/USD has an immediate support level at $100 while the immediate resistance level is at $115. If the bulls continue to buy NEO, the price could push past the resistance level to form a new resistance level at $120.

NEO/USD price daily chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

EUR/USD flat lines near 1.1800 as traders brace for US PPI release

The EUR/USD pair trades on a flat note near 1.1800 during the early Asian session on Friday. The pair steadies as softer Eurozone inflation offsets US tariff uncertainties. Traders await the preliminary reading of the Consumer Price Index from Germany on Friday for more clues about the pace of future policy easing. On the US front, the Producer Price Index report will be released.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold remains below $5,200 despite tariff jitters and geopolitical risks

Gold is seen consolidating in a range below the $5,200 mark during the Asian session on Friday amid mixed cues. Trade jitters, along with the risk of a potential US-Iran war, act as a tailwind for the safe-haven bullion. Meanwhile, the Fed's hawkish outlook keeps the US Dollar close to the monthly high and caps the non-yielding yellow metal. Nevertheless, the commodity remains on track to register gains for the fourth straight week, though the fundamental backdrop warrants some caution for bullish traders.