Bitcoins have seen a steep correction, and were hovering at around $6,350 a bitcoin on 6 February 2018. This is a 66% decline from 18 December 2017, the time it had peaked to $18,674. Global developments and media reports seem to be the key reasons for this correction. Here is how:
Union Budget impact
Experts say that the Union Budget announcement is not the reason for the correction in bitcoin prices. “The price correction has nothing to do with the Union Budget. Indian market decisions don’t impact global prices,” said Praveen Kumar, chairman and chief executive officer of Belfrics Global SDH, a company that operates bitcoin exchanges in Singapore, Malaysia, Bahrain, Japan, Kenya, Nigeria, Tanzania and India.
