Algorand’s ALGO token price has plunged to new lows following the crypto market’s epic crash on Aug. 17.

According to CryptoSlate’s data, the digital asset fell to an all-time low of $0.08846 last Thursday. While its value has since rebounded to $0.09673 as of press time, market sentiments surrounding the asset remain negative.

Why is ALGO value dropping

Earlier in the year, the SEC classified the ALGO token as a security as part of its charges against the U.S.-based crypto exchange Bittrex. This classification has significant implications for the financial regulations that the token and its holders face.

Despite strong opposition from its Foundation, ALGO has seen a decline in demand due to investor hesitation around assets without clear regulatory status. This has resulted in the …