Bitcoin, Future Currency? Because of India, Bitcoin Dkk Prices Fall

NEW YORK

The price of virtual currency bitcoin dropped below the level of 9,000 US dollars or equivalent around Rp 119.7 million on Sunday (11/3/2018) or Saturday (10/3/2018) Indonesia time.

MENU

Financial Economics
Because of India, Bitcoin Dkk Prices Fall
Friday, February 2, 2018 | 8:30 pm

Souvenir of bitcoin gold coins exhibited in London, England, on November 21, 2017.
NEW YORK, Sayful.com - The price of virtual currency bitcoin dropped below the level of 9,000 US dollars or equivalent around Rp 119.7 million on Thursday (11/2/2018) or Friday (12/2/2018) Indonesia time.

The decline in bitcoin prices follows investor concerns over regulatory upgrading in India and potential price manipulation in some major exchanges.

Quoting CNBC, bitcoin prices even touched about 8,810 US dollars or equivalent approximately Rp 117.1 million in Coinbase, one of the leading virtual currency exchange center in the US.

As on Friday morning at 1:20 pm, bitcoin prices observed at 9,023 US dollars or equivalent around Rp 120.6 million.

The CME and CCOe bitcoin futures index futures for February 2018 also fell below 9,000 US dollars. The price of other virtual currencies, such as ethereum, ripple, bitcoin cash, and litecoin also declined.

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, many investors are worried about the price of bitcoin and other virtual currencies have dipenharuhi by Bitfinex exchange.

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.

Also read: Facebook and Instagram Disallow Ads Bitcoin et al

"A lot of rumors about regulation make the market panic," said Nick Kirk, quantitative developer and data scientist at Cypher Capital.

In his speech, Jaitlet stated, the Government of India 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.

Data Coindesk shows, ethereum price reaches 1,051 US dollars, 1.281 US dollars of cash deposits, and litecoin 143.28 US dollars. The ripple price reached 0.99 US dollars.

https://youtu.be/CSzk-HHrFI0