FUD Wars Pressure Drives Crypto Markets Down Almost 30%
Coinmarket cap data shows how BTC affects all altcoins direction. Only six altcoins in the top 50 had made 24-hour gains at press time, with these nonetheless trending downwards.
Bitcoin faces renewed pressure after India’s 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 out crypto from the “payments network”. However, industry participants claim his words do not mark any real change in India’s regulatory perspective.
Others, such as BitTorrent creator Bram Cohen, decried negative press attention on India as “FUD”, short for fear, uncertainty and doubt.
Many big news sources and agencies are also spreading FUD stories such as the CNBC.