THE VALUE OF BITCOIN ON THE INDIAN STOCK DROPPED TO $ 4000

On ZebPay, one of the Indian cryptocurrency exchange, the BTC price dropped to $4,000. The reason for such a large drop may be the panic associated with the announcement of the annual budget. The finance minister announced that Bitcoin is not legal and acceptable currency in India.

Interestingly, Arun Jaitley, the Minister of Finance, has repeatedly expressed similar opinions about Bitcoin and cryptocurrencies throughout the year. The reason for the lack of reaction in other cases could be the lack of public interest in India in daily parliamentary deliberations. On the other hand, events such as the announcement of the budget attract more attention.

Vivek Sancheti from the CryptoGround portal concludes that the panic sale of Bitcoin in India, which followed the statement of the Minister of Finance, was fraught with errors in the interpretation of his statements. According to the author of the article, the word Jaitley should be understood as meaning that India does not recognize Bitcoin as a means of payment that can be used on an equal basis with the official currency.

People who started FUD (fear, uncertainty, doubt) most probably considered that these words should be understood as introducing a ban for Bitcoin and cryptocurrencies in India - which, of course, is not true. Sancheti stresses that regardless of the minister's words, the legal status of cryptocurrencies in India has not changed.