The cryptocurrency market has continued falling and, by 2 February, touched almost two months low. Bitcoin has lost 40% of its price since the beginning of the year.

The cryptocurrency capitalization declined to $382 billion, falling by more than half since mid-December when it peaked at $828 billion. Bitcoin lost 15% within 24 hours and more than 40% since the beginning of 2018, moving closer to $8000. Other cryptocurrencies also demonstrated sharp decline, with the top 20 altcoins losing approximately 20-30% each one.

Ethereum returned to $858,9, Bitcoin Cash declined to $1113, Ripple crashed to $0,73, and Cardano dipped to $0,31.

NEM, Cardano, and Ripple are the biggest losers among the top 20 cryptocurrencies, each one demonstrating decline by more than 30% within the last 24 hours.

The negative dynamics are due to several factors. The main ones are the latest statements of financial authorities of India and concerns about the future of Tether tokens used by major crypto-exchanges as a substitute to the US dollar.

Finance Minister Arun Jaitley in his annual speech on the national budget said that the government does not and will not consider cryptocurrencies as legal tender.

"The government does not consider cryptocurrencies as a legal tender and will take measures to prevent the use of crypto-assets in financing illegal activities, as well as in payment systems," Jaitley said.

At the same time, he stressed that the government would continue studying blockchain technology to accelerate India's move to a digital economy.

The statement of Jaitley instantly scattered over the network, causing rumors about the possible ban of cryptocurrencies in India, although the minister did not say a word about bitcoin ban.

Furthermore, the market is concerned due to the latest news about US regulator's subpoena to Tether and Bitfinex. Amid rumors about possible steps against trading USDT, US-based Bittrex CEO Bill Shihara told in an interview that the exchange plans to add real USD trading pairs.