Owners of Bitcoin may find themselves on shaky grounds as the week which began on a strong note failed to sustain itself over the following days. The high prices have been consistently dropping since the last Sunday’s prices when Bitcoin was being traded at $11,685. The price dropped to $11,163 on Monday. The next day it reduced further to $9,971. The fall continued with the price coming down to $10,149 on January 31, 2018, which was a Wednesday.
The Budget was presented by Finance Minister, Arun Jaitley on Thursday, the February 1 and post budget; Bitcoin value fell below the $9,000 mark to touch $8,998. A further drop was registered in the bitcoin price on the day after the budget presentation reaching to the $8,838 level. On Saturday, the value had come to a low $8,574. The consistent fall over the last few days has led to a 27% decrease in bitcoin price over the earlier Sunday’s prices. The budget speech given by Arun Jaitley in fact, aggravated the fall, unnerving all traders and investors. The Finance Minister had commented in his budget speech about cryptocurrencies not being considered legal tender by the government. He had further stated that the government would do all that is needed to eradicate the usage of crypto-assets as a payment mode or for funding of illegitimate activity. At the same time, he indicated the government’s intention of promoting block chain technology with a view to hasten the process of digitization in the country.
The prices of bitcoin fell to a great extent on Indian markets too. The price touched Rs 6.05 lakh on Saturday when the selling price on Coinsecure was Rs 6 lakh.
The global crypto-currency market recorded a fall in the bitcoin price average. While the bitcoin prices remained more than $11,000 for the period January 25, 2018, to January 30, 2018, they dropped to $9,142 and further reduced to $8,671 on February 3, 2018.