Bitcoin Sinks by 11% After Budget and FB Ad Ban

In the last 24 hours, the world's largest cryptocurrency Bitcoin experienced a fall in its prices. The lowest since November.

The ban on cryptocurrency advertisement by Facebook and regulatory fears around the world has been affecting its price. Also Read: Facebook to Ban Ads Promoting Cryptocurrencies

Internationally the Luxembourg-based Bitstamp saw Bitcoin go as down as $9,022 which is less than half its peak price of $20,000 in December.

Government bodies around the world are making efforts to regulate the cryptocurrency use in countries.

In India, finance minister Arun Jaitley said during his budget presentation that "The government does not consider crypto-currencies as a legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system."

It is, however, unclear if there will be a ban on cryptocurrency trading.