It seems the ICO fever has been cooling down in the past few months according to the Wall Street Journal as the newspaper highlighted that ICOs raised only $118 million between January and March 2019, 58 times less than the same period in 2018. According to TokenData, WSJ's source, the $118 million dollars raised by ICOs in the first quarter of 2019 was significantly below the $6.9 billion raised in the same period of 2019. In addition to this, TokenData revealed that only 45% of the 2,500 projects that TokenData tracked since 2017 successfully raised money. According to the Wall Street Journal, investors have been "spooked" by regulators' steps against non-compliant ICOs. The overall bear market has also hit sentiment. On top of all this, only 15% of the tokens issued successful ICOs and are currently trading above their original price. "The ICO market is dead. Just about, anyway," the Wall Street Journal started its article. The newspaper quoted Attorney Joshua Ashley Klayman saying that ICOs will disappear, but the digital securities' market will not.