- Dash token outlook after SEC declares tokens as securities in lawsuit against Bittrex.
- DASH/USD dropped almost 6% on Monday, with the 24 hour losses coming after the SEC news.
- Cryptocurrencies were also down after Bitcoin and Ethereum fell back from recent highs.
The values of Dash (DASH) and Algorand (ALGO) traded lower as the SEC’s complaint against crypto exchange Bittrex listed the tokens among others as securities.
DASH price went down 5.8% on Monday afternoon (around 1:15 pm ET) as it traded near $58.19.
Dash token outlook- why is DASH falling?
As CoinJournal previously reported, the SEC states that Dash, Algorand, OMG Network, TokenCard and Naga investors had reason to anticipate profits for their investment. Consequently, the tokens should have been registered as securities.
The regulator has charged Bittrex and its former CEO William Shihara for breaking US securities laws.
Amid recent buying pressure, DASH/USD had traded from lows of $54 on 12 April to hit highs of $62. It was the token’s highest price since 24 March 2023 when it traded above $63,
But, with the news of the SEC’s complaint against Bittrex, Dash has retreated from intraday peaks. The dip sees DASH down more than 96% from its all-time high of $1,493 reached in 2017. During the last bull market, the price of Dash rose to $444.
The DASH market today did not just suffer from the news from the SEC. Earlier in the day, the broader crypto market had shed some of recently accumulated gains as a correction materialized. This after Bitcoin retreated from its recent pump to above $31,000 and altcoins that had briefly thrived in the wake of Ethereum’s breakout to above $2,100 also cooled off.
Though the outlook remains bullish, Bitcoin price prediction suggests a retest of $28,800 as support is possible. If so, a further dip for DASH could happen and see the price of the privacy-centric token head towards $54.
The Dash daily RSI indicator is dipping downwards near the 50 mark, while the MACD is showing slippage after last week’s strong move.