Polkadot's price has been under pressure today, primarily due to the broader market's reaction to the recent U.S. federal court ruling regarding the 2016 Bitfinex hack. The court ordered the return of 94,643 BTC to Bitfinex, which has sparked concerns about the potential market impact of these coins being reintroduced. The ruling has been controversial, with some arguing that the funds should be returned directly to affected clients rather than the exchange itself. This uncertainty has contributed to a cautious sentiment across the cryptocurrency market, affecting Polkadot as well.
The market's apprehension is compounded by the looming deadline for Bitfinex clients to claim their share of the restitution, which is set for January 28. This has created a sense of urgency and unease among investors, as the potential influx of BTC into the market could lead to increased volatility. The situation is further complicated by the ethical questions surrounding the compensation process, as Bitfinex had previously cut client deposits by 36.06% following the hack.
Polkadot's price has decreased by 2.34% today, currently trading at $6.874668. It reached a high of $7.219712 and a low of $6.435277.