India Cause The Virtual Currency Down

The value of the bitcoin virtual currency dropped below the level of 9,000 US dollars or equivalent around on Thursday 1 February 2018

Source

The value of bitcoin fell due to investor concerns over increased regulation in India and potential price manipulation in some major exchanges.

Reported by CNBC, bitcoin value dropped to 8,810 US dollars at Coinbase, one of the leading virtual currency exchange centers in the US.

On Friday early morning at, the bitcoin value was at 9,023 dollars.

The CME and CCOe bitcoin futures index futures for February 2018 also fell below 9,000 US dollars. Other virtual currency values, such as ethereum, ripple, bitcoin cash, and litecoins are also down

The drop in 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.

In addition, The New York Times also proclaimed that many investors are worried about the price of bitcoins and other virtual currencies have been affected by the exchange of Bitfinex.

Currently, some investors believe that bitcoin prices will move in the range of 9,000 to 10,000 US dollars. Level 9,000 US dollars is the lowest level in two months.

A lot of regulatory information makes the market panic, "said Nick Kirk, quantitative developer and data scientist at Cypher Capital.

In his speech, Jaitlet stated the Indian government did 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.

Data Coindesk shows, the value of ethereum reaches 1.051 US dollars, 1.281 US dollars of cash deposits, and litecoin 143.28 US dollars. The ripple value reached 0.99 US dollars.