The cryptocurrency market went in a tailspin after Arun Jaitley’s speech on Thursday unnerved the investors and merchants. The week had started on a positive note when the bitcoin prices were trading at $11,685 on Sunday. The value fell to $11,163 on Monday. It declined further to $9,971 a day later. On Wednesday, which is on January 31, the bitcoin prices further dropped to $10,149, After the India’s finance minister Arun Jaitley delivered his budget speech on February 1, the prices dropped below $9,000 to hit $8,998. A day after the budget speech, the bitcoin prices further declined to $8,838. On Saturday, the bitcoin prices fell to $8,574. After the continually falling bitcoin prices, the cryptocurrency now trades 27% lower than the previous Sunday’s prices.
“The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system,” Jaitley told parliament in his annual budget speech. However, the minister said, the government would explore use of block chain technology proactively to speed the move toward a digital economy.
In India’s bitcoin markets also, the prices fell significantly. On Saturday, the prices of most popular cryptocurrency fell to Rs. 6.05 lakh while the selling price is Rs. 6 lakh on Coinsecure.
The average of bitcoin prices in the cryptocurrency markets worldwide also fell. The bitcoin prices stayed above $11,000 between January 25 to January 30. The prices fell to $9,142 and fell further to $8,671 on February 3.