The fall in bitcoin prices following investor concerns over regulatory increases in India and potential price manipulation in some major exchanges. Quoting CNBC, bitcoin prices even touched about 8,810 US dollars or equivalent roughly Rp 117.1 million in Coinbase, one of the leading virtual currency exchange centers in the US, and on the site of virtual currency exchange on other sites are not much different.
The decline in Bitcoin prices came after a statement from Indian Finance Minister Arun Jaitley. Jaitley's remarks raised fears of an increase in virtual currency-related regulations in India.
Arun Jaitlet said that the Indian government does not recognize the virtual currency as a legal means of payment. The government will also take steps to reduce the use of crypto assets in the funding of illicit activities, including criminals, because it is difficult to track.
Thus, the regulation of the government of a country greatly affects the value of bitcoin value.
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