- Ethereum plunged as much as 17% Monday, sinking to a low of $285.14 per token, it's lowest price since September 2017.
- Other major cryptocurrencies, like the flagship bitcoin and Ripple's XRP, also saw significant selling and were down about 1% and 5%, respectively.
- Ethereum is closely intertwined with initial coin offerings (ICOs). Over the past year,those thousands of fundraisers propped up the price of ethereum. Monday's decline comes as many of those projects cash out of the blockchain in order to fund their operations, one expert told Bloomberg.
- "These startups are raising a lot of funds but they don’t have treasury management or enough cash management experience, so they’re selling too early and causing a lot of pressure in the market," Biswa Das, who manages the cryptocurrency hedge fund BloomWater Capital, told Bloomberg. "It was fine last year but right now the the market is so fragile that it causes a lot of pressure."
- The price of ethereum, still the second-largest cryptocurrency by market capitalization, is now down more than 61% this year.
- Follow ethereum in real-time here.
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Credit: Markets Insider