Did India's Finance Minister Arun Jaitley really crash the market?

India's Finance Minister Arun Jaitley
seems to have lowered the price of bitcoin by over 20% from just one comment! Ever since the negative words about bitcoins legitimacy, bitcoin went from 10300 to below 8000.

"The government does not consider cryptocurrencies 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.”

But did his comment really have that much of an impact? Highly unlikely, you see bitcoin was going to come down to test below the 8000 area anyways as it's just part of the healthy correction taking place. All the fud coming from government is just part of the process that comes a long with every bitcoin correction.

Ajeet Khurana of Blockchain and Cryptocurrency Committee in India's remarks about the governments comment:

"I believe the minister's Budget statement did not cause Bitcoin prices to fall but its misinterpretation did. Though many factors affect market prices, the downward bias exerted by the misinterpretation should soon be reversed."

I believe this fud is almost over! From witnessing bitcoin go through other crashes, when the fud is at its peak and panic is at the max, bitcoin usually bounces back! Fast and furiously, so I think we should just hodl!