Bitcoin Price Plunges To Below $6200

After a series of setbacks for the cryptocurrency space, bitcoin today has logged the sharpest fall to $6190 declining by 20% to a three-month low price as per a Bloomberg report. Earlier in the month of December last year, bitcoin rose to a whopping $ 20000 on some of the international exchanges and since then it is declining due to majorclampdown action against it across the globe.

The Indian government in its Union Budget 2018 announcement said that bitcoin is not a legal tender and it will take all possible measures for eliminating their use as a payment system and for funding illegal activities.

China is reported to stamp out remaining cryptocurrency trade from the country. China's share in the global crypto trade has come down heavily from the previous 90% to merely 1% as per reports. In doing so, the financial regulators are known to work in coordination with telecom regulators for cutting access to overseas-based platforms for crypto traders in the country.

Japan on the other hand raided a cryptoexchange after suffering a heavy loss of $530 million on account of hacking.

Japanese Cyptoexchange hacking

In the latest blow to the cryptocurrency space, the banks in the US and the UK would stop their customers from buying these crypto units through their credit cards due to debt concerns.

The sell-off in bitcoin unit on Tuesday also got triggered from the Wall Street losses which registered the biggest intraday loss ever in its history.

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