The price of bitcoin fell below nine million won at one point on Friday. 

According to Bithumb, the largest digital money exchange in South Korea, the price dropped to eight-million-845-thousand won per coin at 10:20 a.m., falling 16-point-three percent from just four hours earlier. 

Compared to the record high level reached on January sixth, at 25-million-988-thousand won, it declined by 66 percent. 

The considerable fall in the price of bitcoin has been attributed to strengthened regulations on digital currencies at home and abroad, as well as market jitters surrounding another digital currency called Tether.