San Francisco, USA – April 9 2018: Cryptyk Inc. announced today that it will be deferring the launch of the public round of the CTK token sale until July 18 2018.
This rescheduling decision was made due to the current market conditions for crypto-currencies. Since early March both Ethereum and Bitcoin prices have experienced dramatic falls in price. Over the last month ETH has dropped from $840 to below $400. BTC has dropped from $11,400 to below $7000 in the same period. These are the major market indicators for all newly listed tokens, and consequently their price strength directly affects the prospects of postive gains for new tokens listing on crypto-exchanges.
After consultation with our team of advisers and numerous market experts, three main reasons were identified as likely causes for the recent drop in ETH and BTC prices;
1) Many large ICO's completed in December and January have been cashing out their ETH into fiat currency. This explains why the fall in ETH has been more dramatic than for BTC. The recent flood of ETH onto the market is expected to continue until early May.
2) Regulatory concerns about many ICO's and crypto-currencies. Cryptyk foresaw these issues last year and consequently structured its ICO to meet US securities law, even though the CTK token is classified as a utility token by most exchanges and regulatory regions outside the US. Nonetheless this uncertainty has hurt the broader crypto-currency market.
3) Advertising for ICO's has recently been banned on Facebook, Google and Twitter. This is especially relevant for public sale rounds of ICOs where online marketing is of prime importance. While advertising is still allowed on YouTube, LinkedIn and Telegram the ideal social media strategy in this new environment is still evolving.
Cryptyk CEO Dr. Adam Weigold commented today that "Our first obligation is to our existing investors in the current pre-sale round. It would be irresponsible for us to unnecessarily risk their investment by rushing into a public sale in uncertain market conditions. We feel that the best way to protect the value of already issued CTK tokens is to delay the public sale round and listing on exchanges until the market has stabilized and started to rebound. Our analysis indicates that the rebound is likely to occur by August at the latest. Hence we feel that a public sale launch on July 18 for listing on crypto-currency exchanges in September is the most responsible strategy to protect our existing investors. We think that once ETH rebounds back to the $700 - $800 range the market for public sale ICO's will be bouyant again. Unlike many ICO's who are now cancelling public sale rounds altogether, we will definitely be launching our public sale round. The deployment and utility of our hybrid blockchain platform will benefit greatly by the network effect of a public sale and subsequent exchange listing. Hence we want to get the timing of the public sale right to maximize its effect."
The private pre-sale round of the CTK token sale will continue until July 6 2018. The pre-sale round is discounted by 20% to the public sale price, and has a minimum investment requirement of US$5000 (or equivalent in ETH or BTC).
Cryptyk is a blockchain technology company that has developed a revolutionary new approach to cyber-security and cloud storage. Cryptyk’s new Hybrid Blockchain Technology is based on the integration of encrypted decentralized file storage with blockchain auditing and monitoring. It is the first complete cyber-security and cloud storage solution from a single vendor, and dramatically reduces the cost of cyber-security for all enterprise.
For more information about Cryptyk visit www.cryptyk.io
Click here to join the conversation and get updates directly to your inbox
Discuss and follow
Join our growing community discussion and track updates on our channels.
We aim to grow our community via transparent, grass root movement. Our goal is to be the gold standard in the cyber security world and community. If you believe in our project, and want to get involved spreading the word, check out our bounty program and earn free tokens from pool of 2.5 million CTKs by sharing us on your networks. See the Cryptyk Bounty page for more information