India’s ban on the use of cryptocurrencies has jolted markets and provided support to bearish sentiments.

The news instantly wiped off $40 billion from the cryptocurrency market capitalization. The selloff is also blamed on TETHer related controversy, a digital coin, which is pledged to be backed by Dollars.

Bitcoin (available on Coinbase) (BTC) started the day trading around $10,200. But the negative comments from Indian finance minister dragged down the price below $9,400, the lowest level since the start of this year.  Excluding Ethereum (available on Coinbase) (ETH), the majority of the top ten cryptocurrencies posted the double-digit decline in Thursday trade.