Today In Cryptocurrency: New $1 Billion Crypto Fund, Hedge Fund Manager Says Buy Bitcoin

The cryptocurrency market finished up another lackluster week on Friday, with most major cryptocurrencies trading lower by more than 1 percent. Here’s a look at some of the headlines that were moving the cryptocurrency market today — and which currencies were on the move.

Headlines

Binance, the world’s largest cryptocurrency exchange, announced the creation of a $1 billion fund to back cryptocurrency and blockchain startup companies. Binance said its first incubation project will be blockchain-based Chinese ride hailing startup Dache Coin. Binance has also invested in MobilCoin, Oasis Labs, Certik and Republic.

Dan Morehead, founder of hedge fund Pantera Capital Management, says investors should be scooping up bitcoin after the price of the cryptocurrency has declined 45 percent year-to-date. Morehead said the majority of cryptocurrencies are cheap at the moment and advised investors to buy cryptos once they break their 230-day moving average and hold for at least one year.

Cryptocurrency trading platform Huobi is launching its own crypto-based ETF. The new ETF will replicate the performance of the recently-launched Huobi 10 index, which tracks a basket of 10 different crypto assets.

Price Action

The Bitcoin Investment Trust GBTC traded at $12.14, down 1.1 percent.

Here’s how several top crypto investments fared Friday. Prices are as of 3:45 p.m. ET and reflect the previous 24 hours.

• Bitcoin declined 1.5 percent to $7,453;
• Ethereum declined 1.6 percent to $571;
• Ripple declined 1.6 percent to 61 cents;
• Bitcoin Cash declined 2.0 percent to $983;
• EOS declined 3.6 percent to $12.08.

The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are:

• SuperCoin: $1.1-million market cap, 338.7-percent gain.
• Carboncoin: $2.2-million market cap, 95.2-percent gain.
• MagicCoin: $2.6-million market cap, 40.9-percent gain.

The three cryptocurrencies hit hardest in the past 24 hours were:

• Pandacoin: $4.8-million market cap, 27.8-percent decline.
• Sumokoin: $2.8-million market cap, 27.0-percent decline.
• PoSW Coin: $4.5-million market cap, 25.9-percent decline.

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