Bitcoin has fell below $9,000 and lost more than half its value since mid-December.
Price swings aren't an rare occurrence and are usually common. This one has been triggered by the Indian finance minister, Arun Jaitley, has repeatedly said the government's position that cryptocurrencies aren't legal tender.
India will "take all measures to elimate the use of crypto assets in financing illegitimate activities," Jaitley said. Although he didn't say what those measurements might be.
"Once the price dropped below $10,000, the bitcoin bears came out in force", said Garrick Hileman, a cryptocurrency researcher at the University of Cambridge.
Bitcoin and the market went on a rocket last year going from $1,000 to about $20,000, but everything has been softening since the start of this year. A "cacophony of bad news" has negatively impacted Bitcoin and it's price.
Like Facebook banning cryptocurrency ads on it's website stating “financial products and services frequently associated with misleading or deceptive promotional practices.”
South Korean regulations took effect this week barring anonymous cryptocurrency accounts and instituting a minimum age for trading.
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