Any time there’s a major correction or major upsurge in values for any market, opinions and tempers flare about what could have caused it? When prices plummet, people tend to get especially upset.
The recent collapse in the price of Ethereum (ETH) has led some to speculate about what could have caused the problem.
Cointelegraph conducted a survey about the potential causes for the decline and the responses were interesting.
The majority of respondents believe that ICO token sell-offs have caused the price decline. The massive rise in ICOs over the past months have led to a large amount of ETH being gobbled up in the attempt to raise funds. As startups seek to capitalize on funding by selling, the market may well have been flooded with available ETH, driving down the price.
Others believe that the negative news campaigns around cryptocurrencies generally, and especially ETH, has led to the plummeting prices.
Still, others blamed trading bots and the hands of investment banks seeking to take profits from investments made earlier in the year.
With many blaming other sources as well, the reality of the immense volatility in the cryptocurrency market is clear.