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January bitcoin blues: $44bn has been wiped from its value so far this year

The price of bitcoin has fallen to its lowest yet this year ..

The price of bitcoin has fallen to its lowest yet this year as its losses for January totted up to $44bn.

The cryptocurrency fell below $10,000 overnight bookending a month where its value fell by 30 per cent, Bloomberg cakculates.

Bitcoin had been closing in on $20,000 before Christmas but has since fallen with a wave of regulatory attention tempering the recent boom.

Read more: Jobs in blockchain are rocketing in the UK thanks to bitcoin

Authorities in South Korea this week introduced new rules banning anonymous use of bitcoin exchanges but insisted that it would not go so far as to ban them completely.

Bitcoin also took a hit after a major hack of a large exchange in Japan. Coincheck said it would reimburse users affected by the $534m (£380m) theft which authorities in the country are investigating.

Read more: Facebook is banning adverts for bitcoin and binary options

Meanwhile, India's finance minister today said it would crackdown on the use of cryptocurrencies.

Arun Jaitley said they were being used for "financing illegitimate activities" and that it "will take all measures to eliminate" their use.

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