Polkadot's price has been under pressure today, primarily due to the lack of favorable news from the Union Budget 2025, which introduced new compliance requirements for crypto investors. The budget announcement has led to increased scrutiny on unreported crypto earnings, causing concern among investors. This regulatory development has overshadowed the recent positive momentum from 21Shares' ETF filing, which had initially boosted Polkadot's price. The market's reaction to the budget has been swift, with investors reassessing their positions in light of the new compliance landscape.
Adding to the downward pressure, the broader cryptocurrency market has experienced mixed movements, with Bitcoin trading below $100,000 and altcoins showing varied performance. The uncertainty surrounding global cryptocurrency trends and American political movements has also contributed to the cautious sentiment among investors. Despite the potential for significant price increases highlighted by technical analysts, the immediate market reaction has been negative, reflecting the broader concerns about regulatory impacts.
Polkadot's price has fallen by 2.95% today, reaching a low of $5.744733.