All 50 major cryptocurrencies fell 18.05% in 24 hours on Thursday, Feb. 1, as Bitcoin's volatility undermined situation

CoinMarketCap's cross-swap data show the wide imitation effect of the Bitcoin drop in the markets of altcoin. Only six altcoins in the top 50 had made 24-hour gains at the time of the press, but they nevertheless tend to fall.

Bitcoin faces renewed pressure after finance minister Arun Jaitley announced a crackdown on "illegitimate activities" involving cryptocurrency in his 2018 budget speech this morning.

Jaitley also stated that the government does not recognize crypto as legal tender and would seek to freeze crypto from "payment network" ] However, participants in the industry claim that his words do not mark any real change in the regulatory perspective of India.

Others, such as the creator of BitTorrent, Bram Cohen, describe the negative attention of the Indian press on FUD. doubt

Fud https://t.co/WjzwYj4KF5 – Bram (@BitcoinBram) February 1, 2018

Nevertheless, alternative points of view were enough to send Bitcoin Below another $ 10,000 Thursday, with new lows just below $ 9600 on average. Bitcoin is trading at an average of $ 9,609 at the time of going to press, or close to 7% today.

Along with news from India, a continuing narrative surrounds the impact of Tether's symbolic bid on Bitcoin prices.

After a curious second market reaction to the news that Bittinex had received regulator assignments in December, analysts question earlier assumptions that Tether's issuance artificially raised BTC / USD rates.

"Since $ USDT stores $ 2.2 billion – currently 0.4% of the aggregate cryptographic value and 1.3% of the total value of Bitcoin – it is hard to believe that these markets could be systematically supported. " Chris Burniske Earlier on Thursday in a series of tweets on the subject.