Cryptocurrencies
Ether Tumbles as Concern Increases That ICOs Are Cashing Out
- Coin was the currency of the realm for blockchain startups
- Projects seen cashing out to cover expenses, hedge market drop
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Initial coin offerings using the Ethereum blockchain are seen as one of the main catalysts for sending Ether’s price surging last year. Now they’re being blamed for its decline.
Ether, the cryptocurrency of the distributed-ledger network, tumbled by as much 17 percent Monday, the biggest drop since March. The price slumped to as low as $285, pushing it below $300 for the first time since November. The digital coin is down about 60 percent this year, compared with Bitcoin’s 54 percent slide.