- The SEC has listed tokens as securities and filed a complaint against Bittrex.
- The DASH/USD pair traded 6% lower than it did on Monday. This was due to the SEC announcement.
- Bitcoin and Ethereum also declined after they retreated from their recent highs.
The prices of Dash (DASH) and Algorand (ALGO) traded lower as the SEC’s complaint Bittrex, a cryptocurrency exchange, listed tokens as securities among other things.
DASH was trading at $58.19 on Monday (around 1:15 pm ET). Its price had fallen 5.8%.
Why is DASH price down?
CoinJournal has reported earlier that the SEC believes Dash, Algorand TokenCard, OMG Network and Naga investors could have expected to make money on their investment. These tokens would have to be registered as securities.
The regulator has alleged that Bittrex, and its former CEO William Shihara, violated US securities laws.
Under recent buy pressure DASH/USD has traded from lows at $54 to highs of $62. It was the token’s highest price since 24 March 2023 when it traded above $63,
However, with news of the SEC’s complaint against Bittrex, Dash has retreated from intraday peaks. DASH is down 96% since its 2017 all-time high, which was $1493. Dash’s price rose to $444 during the last bull run.
DASH’s market was not only affected by the SEC news. In the early morning, the crypto market as a whole had already lost some of its recent gains due to a correction. 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.
Bitcoin price prediction is bullish. A retest to $28,800 is a possible support. DASH’s price could then continue to drop and reach $54 in this case.
The Dash daily RSI indicator is dipping downwards near the 50 mark, while the MACD is showing weakness after last week’s strong move.
