Polkadot's price has been under pressure today, primarily due to the recent announcement in India's Union Budget 2025, which maintained the existing crypto tax rules without offering any relief to investors. The unchanged 1% TDS and restrictions on loss offset have raised concerns among industry leaders about the challenges faced by investors, potential talent migration, and the heavy taxation burden. These regulatory updates, while signaling a step toward formal governance, have not been well-received by the market, contributing to the negative sentiment surrounding Polkadot.
The broader cryptocurrency market has also been experiencing mixed movements, with Bitcoin trading below $100,000 and altcoins showing declines of up to 11%. This overall market volatility has further impacted Polkadot, as investors remain cautious amid the uncertain regulatory environment and global cryptocurrency trends. The lack of positive catalysts in the budget announcement has left Polkadot vulnerable to broader market dynamics.
Polkadot's price has fallen by 5.42% today, reaching a low of $5.976041.