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Bitcoin tanked as much as 15 percent, driving the digital currency down to its low for the year, amid rising worries of tighter regulation and the viability of the biggest cryptocurrency.
The digital asset's decline to as low as $9, 022 on the Bitstamp exchange left bitcoin trading at less than 50 percent of the peak price of almost $20, 000 it hit in December. In January, it declined more than 26 percent, its worst monthly performance since January 2015.
Other cryptocurrencies, such as the ripple and Bitcoin cash, have also recorded double-digit declines in the last 24 hours, according to Coinmarketcap.com. Ethereum traded marginally higher on the day.
Officials have warned that cryptocurrencies are used by criminals for money laundering activities. India, which likened the digital currency market to a Ponzi scheme, pledged to eliminate their use. Indian Finance Minister Arun Jaitley said that the Indian government would implement all necessary measures to remove crypto-currency assets in the financial system.
Bitcoin tumbled to as low as $8, 449, partially on worries that India may increase its scrutiny of cryptocurrency trading. The move comes after a string of recent negative headlines, including a massive digital hack in the previous week from a Japanese cryptocurrency exchange.
According to analysts, sentiment toward cryptocurrency is beginning to take a turn for the worst with the negative headlines from different directions. This week, Facebook said that it was banning all advertising associated with initial coin offerings and cryptocurrency.
