DASH, the world’s twelfth-largest cryptocurrency and a popular payment coin has seen its price decline by almost 10% over the past 24 hours. The drop in price can be attributed to a few factors, including market sentiment and technical issues. First some key highlights:
- The anticipated price of Dash following the SEC categorizing tokens as securities in the complaint against Bittrex.
- On Monday, the price of DASH/USD dropped by almost 6%. This decrease happened within 24 hours after the news about SEC was announced.
- Bitcoin and Ethereum recently decreased from their highs, causing a drop in the value of other cryptocurrencies as well.
- According to the prediction, the value of DASH could increase to $122.86 by 2023.
The values of Algorand (ALGO) and Dash (DASH) have decreased due to the SEC’s complaint against Bittrex, a cryptocurrency exchange that listed these tokens; and others as securities.
The complaint, came only one day before Monday’s dip in the price of DASH/USD. This has left investors wondering how this news might affect the value of DASH and other similar tokens.
At around 1:15 pm ET on Monday, the DASH price was trading near $58.19, reflecting a 5.8% decline. This was most likely due to the SEC and CFTC’s announcement, which raised concern among investors.
Additionally, news that members of the Ethereum Classic community are considering a hard fork caused uncertainty in the cryptocurrency market. And could also have contributed to DASH’s decline.
However, some analysts remain bullish on DASH and believe it will soon recover. Analysts point to the steady increase in DASH trading volume as evidence that investors are still confident in its long-term outlook.
Dash price perspective- why it declines?
It’s important to examine the current market conditions and wider cryptocurrency context to understand why DASH is currently down. The first factor is the SEC and CFTC’s announcement that they are stepping up their oversight of digital asset trading platforms.
This news caused a certain amount of unease among investors, which may have contributed to the dip in DASH’s price.
Earlier, CoinJournal reported that the SEC believes investors in Dash, Algorand, OMG Network, TokenCard, and Naga were led to expect profits from their investments. Therefore, these tokens should have been registered as securities.
This could potentially lead to legal action against companies that offer the tokens, which may have hurt DASH’s price. In addition, the overall cryptocurrency market has been fairly bearish over the last few weeks.
Bitcoin is down more than 10% from its all-time high in December. Ethereum, Litecoin and Ripple have also suffered losses. This market-wide downturn may explain the dip in DASH’s price.
Dash is a privacy-focused cryptocurrency that has been consistently ranked as one of the top 10 digital assets by market capitalization. It enables users to send and receive payments with increased speed and privacy. Making it popular for those who prioritize security and anonymity.
The decrease in DASH’s price could either suggest a bear market or be a result of temporary outside factors. It is uncertain if the digital asset can recover and regain its position as one of the leading digital assets.
Despite today’s drop, it is important to remember that DASH remains an innovative digital asset with a host of advantages; and growth potential. As such, it should not be counted out when considering a cryptocurrency investment.