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Bitcoin took a massive hit on Thursday, dropping below $17,000. Altcoins also nosedived with multiple double-digit drops, wiping off an $80 million market cap within 24 hours.

According to reports, the world’s largest cryptocurrency plunged as much as 13 percent to below $17,000, diminishing the 3-day high of $19,521 it hit a day earlier. It didn’t come as much surprise for most crypto-investors, as Bitcoin’s 12-year history is rife with tremendous gains and equally sharp drops. Termed as a volatile financial instrument, its markets are even less transparent than traditional assets.

Most altcoins have taken horrendous hits. Ethereum, Binance Coin, Polkadot, and Litecoin have lost about 16 percent of value. This drop affected smaller altcoins as ETH is down to $505, BNB struggles at $28, DOT is at $4.8, while LTC sits beneath $75.

The Crypto-slump is hideous, but the coins stand tall
This year, bitcoin has surged 150 percent to a spitting distance of its all-time high of $19,666. Three main factors can be attributed to the digital currency’s rise:

Demand for riskier assets
Interest in assets perceived as resistant to inflation
The expectancy of mainstream acceptance of cryptocurrencies
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“There’s definitely been a sense of euphoria in the markets over the last couple of days. This mostly feels like a reaction to that — over-leveraged markets took one small hit and suffered immensely,” said Joseph Edwards of Enigma Securities, a cryptocurrency brokerage.

Brian Armstrong, CEO of California-based Coinbase, tweeted on Tuesday that he was worried by rumors that the United States would clampdown on individual cryptocurrency wallets.

Jamie Farquhar, a portfolio manager at a crypto firm called NKB Group, said, “Brian Armstrong at Coinbase tweeted his concerns which I think spread these worries to a wider audience.”

Bitcoin plunged on Thursday to its lowest in 10 days, leading a sell-off that extended to other smaller digital coins. Ethereum shares dropped 13 percent, and XRP (third-largest coin) slid more than 20 percent. Since both coins tend to follow the Bitcoin trail, they hit multi-year highs earlier during the week.

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Recent reports suggest that the Toyota Corolla Cross will be launched officially in Pakistan next month. According to Pakwheels.com, Toyota Indus Motor Company (IMC) has revealed the specs and features of the cars that are inbound for the Pakistani market.

The car is reportedly being brought in from Thailand as a Complete Built-up Unit (CBU) as it is one of the hottest sellers in every market.

Here are the specs and features of the ‘soon to be launched” Corolla Cross:

Performance

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The vehicle has a 1.8-liter 4-cylinder hybrid petrol engine that combines with the performance of the electric motor to make 168 horsepower at 3600 RPM and 305 newton-meters of torque at 3600 RPM. All of this power is sent to the front wheels only via an eCVT automatic transmission.

Safety and Convenience
Reports suggest that IMC will introduce two variants of the Corolla Cross to Pakistan. The finer variant will feature seven airbags for the driver, passenger, sides, drive knee, and curtains, while the base-variant car only has dual airbags. Both variants have ABS, Hill Start Assist, parking sensors and passenger seat sensors as the standard.

Furthermore, they both feature a panoramic sunroof, a shark fin antenna, a rear wiper with auto sensors, push start, smart entry, and multiple drive modes as the standard. However, only the higher variant has adaptive cruise control.

On the inside, the finer variant has 8-inch touchscreen infotainment, leather seats, Dual-Zone Climate Control, and rear AC vents. Inside the low-end variant are fabric seats, a basic audio system with CD/BT, and Single-Zone Auto climate control, but no AC vents for the rear seats.

Additionally, the finer variant has a power + kick sensor trunk door while the base variant only has an electronically locking boot.

Exterior

The other way to tell the variants apart is through the slight exterior details. The finer variant has LED headlamps and DRLs while the base variant has halogen headlights. Also, they are likely to have different wheels.

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Price
The base variant is reported to be missing a lot of basic features for an SUV at its price point. Nonetheless, because it is a CBU, the starting price of the Corolla Cross will be Rs. 8.5 million, which is more expensive than the larger and arguably better-equipped Toyota Fortuner – a midsize, 7-seater SUV with a price tag of Rs. 7.7 million.

At its price, the road ahead for the Corolla Cross seems to be incredibly tough. Whether or not the vehicle will defy the odds and do well in the market is something that only time will tell.

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