Polkadot (DOT) is experiencing a downturn today, primarily influenced by broader market sentiment and regulatory developments. The SEC's recent announcement of a task force dedicated to developing crypto regulation has created uncertainty in the market, affecting various cryptocurrencies, including Polkadot. This regulatory focus is causing investors to reassess their positions, leading to a sell-off in some digital assets. Additionally, the relaunch of Crypto.com's US exchange for institutional investors has not provided the expected boost to the market, as traders remain cautious amid the regulatory landscape.
The market's reaction to these developments has been reflected in Polkadot's price movement. The cryptocurrency has seen a decline of 2.16% today, with its price currently at $6.485034. It reached a high of $6.673376 earlier in the day but has since dropped to its lowest point at $6.485034.