Bitcoin is reportedly headed for the worst month that the coin has seen since January of 2015, amidst a growing threat of regulation across the board. As of Wednesday, January 31st, the coin was hovering somewhere above $10,000 but not far from falling beneath that. The coin was trading only a month earlier at around $20,000, a new high for the coin. This has reportedly been the largest decline for the coin since it fell by over 30% back in January of 2015.
The other major fall that the coin has gone through was bad in February of 2014, where the coin managed to drop 36% in one month. Around $60 billion in worth for the coin has been just wiped off of the coin, according to analysis from several industry leaders in this type of data. One of the biggest reasons for the decline continues to be the fact that regulation is occurring across the board in several countries. One of the countries that continues to execute the most regulation is South Korea. South Korea recently put in several new regulatory measures, that were just shy of banning the currencies altogether.
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The country stated that they had found evidence of around $637 billion in cryptocurrency crime across the board. As of Tuesday, the U.S. Securities and Exchange Commission stated that they obtained a court order to begin halting or freezing the assets of what they have said could be the largest initial coin offering of all time. Facebook has also come out stating that they will be banning ads that have anything to do with the cryptocurrency world. All in all, it seems as though the market is facing a rough time, but time till tell how well it is able to come out of it.