Bitex Founder and CEO Monark Modi said: 

"Price volatility in Bitcoin has been observed for a while now and the drop from previous high of $63k down to $40k was expected. Some other factors contributing to the drop are also recent U-turn of Tesla in accepting the most popular cryptocurrency as payments. The investment scenario across the global too has been subdued owing to either government regulations like the ban on crypto trade by China or even closer home in India where investors are facing deposit and withdrawal challenges owing to rumours of financial institutions restricting transactions. A strong remedy to repose investor faith in alternate investment class will require government to frame regulations to safeguard investor money. As a global exchange Bitex has always voiced need for positive regulation and also advised retail users to make informed decisions while investing in cryptocurrencies. A systematic Investment plan will definitely average out repeated cycles of volatility."