DASH Down 0.5% as Halving Completes Amid SEC Allegations

Dash (DASH) just completed its halving event, reducing the cryptocurrency’s mining reward to 2.3 DASH. However, the asset’s price fell 0.5% after the event, likely because DASH is one of the cryptocurrencies targeted by the US securities regulator.

Mining Reward for Dash Halved to 2.3 DASH

The price of DASH, a privacy-focused cryptocurrency that aims to offer fast and secure transactions, declined slightly on Friday after the digital asset completed its much-anticipated halving at block height 1,892,161. Following the event’s completion, the asset’s block reward now stands at 2.3097 DASH or around $34.3 at current prices.

Halving refers to a predetermined event in some cryptocurrencies, where the mining rewards are reduced by half at regular intervals. This results in a decreased rate of new coin creation and potentially impacts the overall supply and market dynamics of the cryptocurrency and its price. The next crypto asset that will undergo halving is Litecoin (LTC), with 40 days left, and  Bitcoin (BTC), with 308 days left.

In the wake of the event, DASH’s price presently stands at $33.8, down 0.5% in the last 24 hours. Over the past week, the crypto asset gained more than 13%, although most of those gains were from this week as part of the broader market rebound.

Launched in 2014, DASH is an open-source altcoin created as a Bitcoin protocol fork. It is a privacy-centric crypto asset that aims to provide secure, fast, and untraceable transactions through its PrivateSend feature.

DASH’s Price Gains Subdued Amid SEC Scrutiny

Cryptocurrency prices often rise notably after completing a halving due to the reduction in new supply entering the market. This, coupled with increased demand and investor anticipation of potential scarcity, can create a bullish sentiment and drive up prices.

However, even after its halving event was completed, DASH’s price failed to gain momentum. One possible reason may be that the cryptocurrency was designated as a ‘security’ in the US Securities and Exchange Commission’s (SEC) recent lawsuit against Coinbase.

Apart from DASH, the SEC described numerous other altcoins as unregistered securities, leading to negative repercussions. For example, SOL, ADA, and MATIC are also seen as securities in the eyes of the SEC, and all three recently got delisted from major stock brokerages like Robinhood and eToro. Having said that, it remains to be seen how big of an impact the regulator’s crackdown will have on DASH specifically.

This article originally appeared on The Tokenist