Cryptocurrency bitcoin has had a rough start to 2018 so far.
The digital currency has lost over $72 billion in market cap this year and it’s only the beginning of February.
Bitcoin had a historical run last year but has been losing quickly in recent weeks.
The cryptocurrency was trading at a little over $9,000 on Thursday and it was just in December that it had reached an all-time high of $19,943.
Bitcoin has shed over $10,000 in just weeks.
India’s finance minister has said that India’s “government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.”
Traders did not react kindly to the news. It also didn’t help that Facebook this week announced that it would ban all cryptocurrency related ads.
“The state of cryptocurrency is incredibly strong,” said Andy Bromberg, the CEO of CoinList.
“Looking far beyond the prices, we’re seeing an increasing number of high-quality projects in the space, with experienced teams, impressive early technological breakthroughs, and rigorous legal structuring.
“We expect to see this continue into 2018 as the industry matures and professionalizes — a necessary step for it at this time.”