Nexo Price Drops Amid Market Risk-Off and Profit-Taking

Nexo (NEXO) has experienced a 3.72% price drop over the last 44 hours, but it's not due to any specific negative news about the token.

The broader crypto market has turned slightly risk-off after Federal Reserve Chair Kevin Warsh's hawkish Jackson Hole speech on August 28, which raised the odds of further rate hikes and pushed risk assets lower.

This shift toward Bitcoin and away from altcoins is partly responsible for NEXO's decline, with the token falling about 4.3% in 24 hours.

NEXO had recently enjoyed positive tailwinds due to its listings on Korean exchanges Bithumb and Upbit, as well as a market update from Uphold highlighting the token's product milestones.