Cryptocurrency market has turned to the red zone on the news from Indian financial authorities. The Bitcoin price fell as low as $9300, and only Steem manages to demonstrate growth.

Bitcoin fell to its lowest level in 2018 after the financial authorities of India declined to recognize cryptocurrencies as legal tender.

"The government does not consider cryptocurrencies legal tender or coin, and will take all measures to curb the use of these crypto-assets in financing illegitimate activities or any part of payment systems," Finance Minister Arun Jaitley said in his speech in New Deli.

Although he did not say anything about total cryptocurrency ban, some media misinterpreted his words, supposing that India plans to prohibit cryptocurrency trading.

This FUD news caused the cryptocurrency market, which in the morning demonstrated slight growth returned to decline, falling to $472 billion in capitalization.

Bitcoin dominance index remains at its lowest rate at 33.6%. The capitalization of bitcoin declined to $157 billion.

Altcoins prices also turned red. Ripple fell to $1; and Bitcoin Cash declined to $1333, NEO is trading at $129. Most of top 10 cryptocurrencies fell by more than 10%. Ethereum is the only altcoin in top 10 by capitalization that fell only 2% as the market is still quite optimistic about the future of the ecosystem as its co-founder Vitalik Buterin announced that the "part one" of Ethereum's Sharding roadmap is nearly done.

Steem is among the cryptocurrencies that demonstrates growth despite the decline of the whole market. Steem was listed by one of the largest crypto-exchanges Binance, that fueled its price.