Bitcoin, the world's most popular cryptocurrency, fell 9.47% to $51,408, after recording $51,057 earlier in the trading.
According to Bridgewater Associates Ray Dalio, India is considering a ban on cryptocurrencies, which could possibly criminalize the possession, mining, trading of the cryptocurrency.
The decline came after a rise in the currency on Wednesday to the level of $55,000, after Tesla's CEO Elon Musk announced the possibility of buying Tesla e-vehicles with Bitcoin.
Data from CoinMarketCap, which calculates the average price of Bitcoin on more than 20 exchanges, showed that the cryptocurrency fell 8.88% to $51,562.
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