Following the ad ban by Facebook, China banned advertising cryptocurrencies as well. Japan has forced local exchanges to warn about risks of cryptocurrency trading. While India announced the toughening of the regulation of the cryptocurrency market. Bitcoin can rebound, but on the upside investors will sell it in the short term,
The Indian govt usually procrastinates policy as much as possible. Bureaucrats need time to figure out policy. Zebpay, Unocoin ,Coinsecure and Koinex are india largest exchanges : I don't think their combined volume accounts for much.
There was no new regulation announced as such. The actual news was "its not legal tender", cant use it as currency in india. But people allowed to trade it as an asset. And pay taxes on it. All the exchanges continue to operate legally.