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Crypto Meltdown

Bitcoin Price Dives Below $9,700 as India Hints at Hard Line on Crypto Usage

The Bitcoin price dove below $9,700 on Thursday following reports that India may take a hard line against cryptocurrency usage to combat its use in “illegitimate” enterprises.

India’s finance minister, criticized cryptocurrencies during a speech before the country’s parliament. Jaitley, who was ostensibly presenting the Union Budget, took time to state that the government does not consider cryptocurrencies to be legal tender and that regulators will take “all measures” to eliminate their use in criminal activities.

The finance minister did not list any concrete measures that the government intended to take to curb this alleged usage of cryptocurrencies in nefarious enterprises, and — importantly — he did not float a Bitcoin ban. However, because India accounts for approximately 10 percent of all Bitcoin transactions — the statement appears to have placed more downward pressure on an already-heavy cryptoasset marketplace.

In the few hours following the finance minister’s statement, the cryptocurrency market cap has declined from $515 billion to $489 billion, a reduction of approximately five percent.

What does this mean for the future of Bitcoin?

Partial Credit: BusinessInsider

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