🍂 Ether tumbles as concern increases that ICOs are cashing out

Ether ($ETH) tumbled by as much 17 percent Monday, Aug. 13th, 2018, the biggest drop since March 2018. Some projects that raised their ICOs in ETH are cashing out to cover expenses and on concerns that this year’s cryptocurrency bear market will drag out, according to Biswa Das, who runs cryptocurrency quantitative hedge fund BloomWater Capital. "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," said Das. Worries that the Ethereum platform won’t be able to withstand enough transaction volumes to support applications for the mass-market, as competitors spring up, have also weighed on the digital asset this year.