Dash price outlook after SEC lists tokens as securities in complaint against Bittrex.
DASH/USD traded nearly 6% lower on Monday, with the 24 hour losses coming after the SEC news.
Cryptocurrencies were also down after Bitcoin and Ethereum retreated from recent highs.
The prices of Dash (DASH) and Algorand (ALGO) traded lower as the SEC’s complaint against cryptocurrency exchange Bittrex listed the tokens among others as securities.
DASH price was down 5.8% on Monday afternoon (around 1:15 pm ET) as it traded near $58.19.
Dash price outlook- why is DASH down?
As CoinJournal reported earlier, the SEC claims that Dash, Algorand, OMG Network, TokenCard and Naga investors had reason to expect profits for their investment. As such, the tokens should have been registered as securities.
The regulator has charged Bittrex and its former CEO William Shihara for violating US securities laws.
Amid recent buy 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,
However, with 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.
While the view is bullish, Bitcoin price prediction suggests a retest of $28,800 as support is possible. In that case, 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 weakness after last week’s strong move.
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