Bitcoin has fallen by more than 56 percent since the turn of the year, after peaking at nearly $20,000 in December 2017.
CoinMarketCap price charts show that bitcoin has been falling for weeks, though this latest crash has been blamed on mounting confusion surrounding the Indian Governments stance on cryptocurrencies.
Counterfeit news circulating makes most people panic and make them afraid of losing the money they invest in bitcoin, they will sell the bitcoin they have. Many people who sell bitcoin make the price fall.