Cryptopocalypse Continues: Bitcoin Drops Below $9,000 and We Know Whom To Blame
Crypto owners are in a panic for the second time during the week as bitcoin price is currently trading at $8,235.
Keep on reading to know the details and reasons.
India rocks the market
A few days ago Bitcoin price had fallen to $9,700 because of Facebook’s new policy that banned ads related to bitcoin, cryptocurrencies, and ICOs.
This time, things got even worse as bitcoin value crashed to $8,235 according to coinmarketcap.com that is 14% down if compared with previous 24 hours.
Source: coinmarketcap
And the reason for this is quite obvious and has indian origin.
The point is that recently finance minister of India, Arun Jaitley, expressed a largely negative view towards cryptocurrencies in his 2018 budget speech.
“The Government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system,” Jaitley said according to Fortune.
He also added that it’s has kind of positive attitude towards the blockchain technology and it can be used for a variety of other purposes.
“The Government will explore use of block chain technology proactively for ushering in digital economy.”
Ethereum value has also dropped to $860 losing 22% in the last 24 hours.
Source: coinmarketcap
Still one Indian bitcoin wallet provider, Unocoin, believes Jaitley’s words have been misinterpreted:
Based on the #UnionBudget2018 announcement, there is no change in government’s stance with respect to #cryptocurrency. It is business-as-usual at @Unocoin #Budget2018 pic.twitter.com/YGUFOlfhCj
— Unocoin (@Unocoin) 1 лютого 2018 р.
We recall that nearly two weeks ago another strong tremor on bitcoin market happened when South Korea’s finance minister said banning trading in cryptocurrencies.
See also:
- Cryptopocalypse Again: How Facebook New Policy Caused Bitcoin 10% Price Crash
- Bitcoin Crash: Should You Worry About the 30% Price Drop?
- 19-year-old Bitcoin Millionaire Creating His Own Cryptocurrency and Here Is Why It Might Be Just Another Bubble
