Thunder Bay – TECH – Bitcoin has dropped 5 per cent in trading overnight. The crypto benchmark is trading at $54,386.11 in US dollars.
The price has been in a bear market for the week, which likely will have some traders hoping to purchase at the lower price in hopes of a market upswing over coming days.
The price has been on a downward trade ratio over the past ten days after hitting an all time high of $68,000 only two weeks ago.
Reasons for the fall in price for Bitcoin could be related to traders in India selling off crypto as the government is looking at the market.
Reuters is reporting that the Indian government is looking to present legislation that would put regulations on crypto. This move reportedly generated panic-selling of digital assets earlier this week.
Reuters reported, “The sexy argument for regulation, rather than a ban, is made by Ashish Singhal, founder of Coinbase-backed (COIN.O) CoinSwitch Kuber, a firm boasting some 12 million users and valued at $2 billion. His pitch targets New Delhi’s desire to ramp up exports, arguing that cryptocurrencies and their related technology like blockchain allow India to build digital-infrastructure companies today that rich countries will use in the future.”