Ethereum goes down as ICOs heavily affect wallets

With so many ICOs raising Ethereum funds this year, it’s not surprising at all that some are actually cashing out. Well, while in theory Ethereum could be utilized to enable the application to work, there is also a rational thought that the coins appear to be a potential source of cash for transactions.

The Ethereum market price went down below $400. The given digital asset has since revived moderately, although it’s still down over 60% from its maximum values. Since the previous week ETH has lost over 23% sliding to $391.69.

The effect of EOS has been observed because the project raises Ethereum in daily auctions on a regular basis. In the future the Initial Coin Offering won’t require Ethereum for gas purposes. Moreover, the ICO has some of the coins sold off. However, the crypto community is currently closely watching a variety of projects.

Because of the transparency of the Ethereum blockchain, that’s quite easy to spot when an initial coin offering moves money from their key wallets.

Mysterium turns to be one of the projects, which has recently moved tokens, probably to have them sold.

The Mysterium project, striving to provide anonymity services for presence on the web, has been doing its best to have its team expanded. However, most of its efforts have to do with promotion as well as expanding the presence on conferences. In dollar terms the MYSt digital asset has been deprived of 90% of its value since the climax in December and January. What’s more, it has dived by over 95% versus BTC compared to the post-ICO rally.

Meanwhile, Kyber has appeared to be the other ICO caught moving Ethereum coins from the key wallet. By the way, the Kyber exchange’s considering expanding to the public just to face more active trading.