Bitcoin drops below $9,000 on (potentially) bad news from India

After several short-lived drops under $10,000, it looks like the price of Bitcoin finally yielded under pressure. The largest cryptocurrency by market cap is currently trading at $8,947, down 11 percent in the last 24 hours according to CoinMarketCap. 

The trigger for the price drop is likely the news from India, where finance minister 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.  Read more…

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