Bitcoin Price Tumbles 10% as Crypto Markets Flash Red
The price of bitcoin [BTC] fell more than 10 percent during Thursday’s trading session as the cryptocurrency erased a large portion of its .
At 6:00 UTC, bitcoin [BTC] opened the trading hour at a price of $4,018, but fell to $3,748 before the hour was complete. After trading sideways until 16:00 UTC, the sell-off accelerated to a low of $3,570, according to .
bitcoin’s current price of $3,610 reflects a $367 difference and more than 9 percent drop from its 24-hour opening price of $3,995, CoinDesk data further reveals.
In the last 24-hours, a total of $6.4 billion of bitcoin [BTC] was traded across exchanges as its total market capitalization fell roughly 7 percent from $70 billion to $64 billion.
The broader market has accompanied bitcoin [BTC] in its latest dip as it usually does when bitcoin [BTC] markets show weakness.
According to (CEX), 18 of the 19 tracked cryptocurrencies are reporting double-digit 24-hour losses, with several extending depreciation beyond 15 percent including litecoin (LTC), neo (NEO) and cardano (ADA).
Cardano is the worst performers today, currently printing an 18 percent loss. As it stands, the total capitalization of the cryptocurrency market is registering $122 billion, down 10.2 percent on the day according to CoinMarketCap.
Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.
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Blockchain platform Cross Coin has announced its plans to launch an , with an investment target of between $1.5 million and $5 million. The investment raised will be utilized to develop a large pool of technology startups under the Russian and American project . Cross Coin is expecting significant speculative interest in the secondary markets for its venture tokens, which will eventually end up driving its price further upwards.
[Note: This is a press release.]
Cross Coin has enabled its investors to maximize their returns by giving them the option to exit their positions at any stage of the project. Investors can also trade Cross Coin tokens on the secondary market while participating in the various growth stages of all the 21 startups.
Based in Singapore, Cross Coin intends to release the full 5 million tokens during its upcoming ICO. The ICO price per token has been set at $1.00 — a price which, the company believes will interest a large range of potential investors in the venture capital industry.
Cross Coin plans to allocate the first $1.5 million raised in the ICO to refinancing the 21 startups that passed the Starta Accelerator Program in 2016/2017. Any remaining funds after the successful allocation of the first tranche of funds will be set aside for investing in the next group of startups at the Starta Accelerator program.
News about the purchase of startups by strategic investors – ‘exits,’ in venture terminology – exercises a tremendous influence upon the price of their shares on the secondary market. In this instance, the Cross Coin token issuer will get a percentage of the profits gained by the from the exit of each startup. Cross Coin will receive 33% of all the revenues generated from the exits. The profits, after deducting expenses will be utilized by the platform to buy back the tokens at market price.
Additional news triggers that influence the secondary market value of the tokens include an increase in revenues generated by the startups, partnerships with major market participants, signing up large players as clients of B2B startups, and acceptance of startups to large accelerator programs and further rounds of investments.
The prominent members of this combined project include Alexey Girin and Kayrat Kaliyev. Alexey Girin is an investor, co-founder and managing director of Starta Capital VC fund and Starta Accelerator. He brings over ten years of experience in to promote the accelerator program in the right direction. Similarly, Kaliyev with over 13 years of experience in the financial sector, is also the deputy director of the Financial Technology Department at the Astana International Financial Center in Kazakhstan. He plays an important part in the ICO as the head of Cross Coin.
Starta Accelerator is an initiative of Starta Capital Foundation, and it was started in 2015 in New York, USA. The program is geared towards a business and cultural adaptation in the USA and integration into the investment ecosystem of technological startups from Russia and the Eastern European countries.
Cross Coin has call options for 33% of the Starta Accelerator 16/17 SPV, a company that owns 7% in each of 20 startups and 2% in the 21st start-up, all of which passed the Starta Accelerator program in 2016-2017. Each of the pool’s companies has been appraised with a market value of $1.9 million or higher.
