Bitcoin Plunges Below $8,600 As Crypto Market Marks Another ‘Bloodbath’

Bitcoin Plunges Below $8,600 As Crypto Market Marks Another ‘Bloodbath’

Today, February 1 might mark another ‘black’ day in the history of cryptocurrencies. On this day first ever mined cyber-coin in the world – bitcoin – achieved the seabed of $8,600, dragging down the rest of the crypto market.

The King Comes Back the Old Price

For around two months bitcoin enthusiasts have not observed a price of the king-coin below $9,000. But on Thursday, February 1 things changed as bitcoin lost as much as 12% within the past 24 hours and is currently traded at $8,812, according to the CCN, recently the state’s finance minister Arun Jaitley criticized cyber money while giving a speech in the parliament. The statesman could have triggered a new wave of fears by the following words, which he said when presenting the Union budget 2018-2019:

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“The Government does not consider cryptocurrencies as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”

Even though Jaitley went tough on cryptos, he did not claim to prohibit bitcoin and its brethren totally, so there is still hope for the cyber money market to recover and be embraced by Indian crypto enthusiasts.

Charts Sources: coinmarketcap.com; coindesk.com

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