18:07 GMT27 January 2021
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    Last week, bitcoin hit an all-time high of $24,000. This came after it gained around 20 percent in one day on 17 December.

    However, bitcoin dramatically dropped six percent on Monday to $22,124 according to data provided by Coindesk. 

    On 16 December, Bitcoin passed the $20,000 threshold for the first time since the currency was created in 2008, as investors were betting on the cryptocurrency's projected immunity to inflation and other perks. 

    After breaking through the threshold, it started hitting new highs nearly every day. On 17 December it reached a new record, surpassing $23,000 and then climbing to more than $24,000 in the next few days. 

    The world's most famous cryptocurrency, however, tanked on Monday, eventually losing 6% before slightly levelling off at $22,296, the latest data at Coindesk has shown. 

    Reuters analysts cite concerns over the latest discovered strain of coronavirus in the United Kingdom as a reason for the unrest which is affecting wider markets. The detected strain, dubbed VUI-202012/01, is believed to have a 70% higher transmissible rate than others. It has not been proven that the new coronavirus is deadlier or more threatening than what has been discovered before, however, the markets have apparently started sounding a preliminary alarm. 

    Bitcoin remains a decentralised digital currency not subject to any central bank policies or regulations, deriving its value through a "mining" process and transferable through peer-to-peer transactions recorded by a blockchain.

    cryptocurrency, decline, bitcoin
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