$44bn Wiped Off From the Value of Bitcoin in January

The price of bitcoin has declined to its lowest so far this year as the losses of the cryptocurrency for January grew up to $44bn.

On Wednesday night, the cryptocurrency dropped below the $10,000 mark bookending a month where the value of bitcoin declined by 30 percent as calculated by Bloomberg.

Before Christmas of last year, Bitcoin had been closing in on $20,000. However, it has since dropped with a series of regulatory attention restraining the recent boom.

This week, authorities in South Korea introduced some new rules that are banning the anonymous use of bitcoin exchanges. However, South Korean authorities insisted that it would not go so far as to completely ban them.

Bitcoin also suffered a hit following a major hack of a huge exchange in Japan. Coincheck said that it would reimburse the users who are affected by the $534m (£380m) theft which are currently investigated by authorities in the country.

Meanwhile, on Thursday, the finance minister of India said that it would crack down on the use of cryptocurrencies.

Arun Jaitley said that they were being utilised for “financing illegitimate activities” and that it “will take all measures to eliminate” the use of cryptocurrencies.