The value of bitcoin plunged last month, amid fears that trading was about to be banned in South Korea. It then stabilised briefly, before plummeting again.
The volatile cryptocurrency’s value has shifted wildly ever since mid-December – when it hit a record high of more than $19,850 – with frequent heavy drops and speedy recoveries.
The rapid drops are partly the result of continuing fears about regulation, as well as anxiety provoked by a series of high-profile thefts.
Its value tumbled spectacularly at the start of February, falling from $10,000 to $6,000 in four days. However, it gradually recovered during the following weeks.
It is worth $10,157 as of Thursday morning UK time, according to the Coinbase
Its value has dropped by more than 8 per cent over the past 24 hours, but has increased by almost 1 per cent over the past seven days. Over the past month it has declined by more than 2 per cent.
The most recent price drops were huge and followed reports about potential cryptocurrency regulation and trading bans.
South Korea recently banned people from trading bitcoin and other digital currencies anonymously, but says it isn’t planning to make cryptocurrency exchanges illegal.