Ethereum Founder Vitalik Buterin One of Bloomberg’s Top 50 Most Influential People

Bitcoin markets are reacting to fresh regulatory comments on crypto from India’s finance minister Arun Jaitley, made during his most recent budget speech in the Parliament today. After Jaitley noted in his speech that cryptocurrency is not legal tender in the country and promised a crackdown on “illegitimate activities” involving crypto, a flood of misinterpreted comments warning of an outright ban appeared across the mainstream press and social media.

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After Jaitley noted in his speech that Cryptocurrency is not legal tender in the country and promised a crackdown on “illegitimate activities” involving crypto, a flood of misinterpreted comments warning of an outright ban appeared across the mainstream press and social media. Markets in turn fell in trading on Thursday, Bitcoin dipping below $9,512 after breaking $10,300 Wednesday, Jan. 31, data from Bitstamp shows.

India has been sporadic in its attempts to formalize cryptocurrency regulation over the past two years. Since the country’s currency reforms, interest in Bitcoin especially has skyrocketed, with local exchanges reporting huge growth.

This week’s slump brought the total market value of cryptocurrencies down to around $400 billion, half the high it reached in January, according to industry tracker Coinmarketcap.com. The market value of cryptocurrencies is calculated by multiplying the number of digital coins in existence by their price, although many question whether that is the right way to value them. This week’s slump brought the total market value of cryptocurrencies down to around $400 billion, half the high it reached in January, according to industry tracker Coinmarketcap.com.