The value of a single bitcoin has fallen to £6,113 ($8,661) with a low of £5,440 ($7,699) reported on Friday, 2nd February by Coinbase, the online digital currency company.
The drop in value marks the first time the digital currency has fallen below the $8000 since November 2017, according to Coindesk.
A number of critics have railed against cryptocurrencies like bitcoin, citing extreme price swings and worries of dubious activities associated with the crypto world, such as money laundering.
At one stage, eBay considered accepting the digital currency as bitcoin became mainstream.
In 2017, developers sold the first UK homes using bitcoin, with the first being a four-bedroom detached £350,000 family house in Colchester (subject to contract), which is still under construction.
Launched in 2009, the bitcoin currency has had a volatile ride from it’s starting point of $0.003 per bitcoin, to highs of $17,900 on 15th December 2017.
According to analysis of data from Coinmarketcap.com, so far this month, well over $60 billion has been wiped off the value of bitcoin.
The total value of all bitcoin in existence is now more than £112 billion.