Bitcoin and the wider cryptocurrency group was broadly lower on Monday as concerns over national crackdowns on trading the controversial digital currencies continued to blight the market.
Over the weekend it emerged that several of India's biggest banks, including Stake Bank of India and ICICI Bank, had suspended the accounts of cryptocurrency exchanges after observing a number of suspicious transactions.
JP Buntinx at Live Bitcoin News, said: "This situation sets a very troublesome precedent. Not just in India, but also for the rest of the world. Cryptocurrency regulation is an active topic of debate around the globe. Taking this course of action will effectively cripple most exchanges in quick succession."
While digital currency trade in India remains unregulated, officials have been vocal in their disdain with the finance ministry publishing an official warning last month that engaging in trade on cryptoexchanges was no better than buying into a Ponzi scheme.
China and South Korea
Action to limit or regulate the trade of digital currencies has grown at a robust pace in recent weeks as both China and South Korea have introduced clampdowns on exchanges.
The market has reacted strongly - bitcoin alone has nearly halved in value since its December record at close to $20,000.
Steen Jakobsen, chief economist at Saxo Bank, said: "2018 will be a make-or-break year for the burgeoning crypto asset market.
"The optimists are looking for the market cap to top $1tn while pessimists foresee increased regulation and even the outright banning of cryptocurrencies as monetary authorities decide that the space is out of control."
The reaction to the latest moves in India was limited. Bitcoin fell 2% to $11,720, while ethereum moved 0.33% higher to $1,074.40. Ripple eased 0.93% lower $1.38, while litecoin shed 0.66% to $193.12.