What is Bitcoin worth today?

As of 8am on January 11 2018 Bitcoin is worth £10158.97 ($13694.09).

The cryptocurrency has dropped considerably in value since yesterday when it traded at £10,476.42 ($14122.00).

More than a thousand pounds has been wiped off its value in just two days when on Tuesday it was valued £11,632.00 ($15679.70).

The fall was sparked by South Korea's plan to ban cryptocurrency trading sending the market into a tailspin.

Justice minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges.

He said "There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges."

It comes just months after its price exceeded the value of an ounce of gold for the first time – then about £940.

But investors are worried by the currency's volatile nature and the market's inability to cope with sudden shifts in demand.

An eBay executive told Yahoo Finance the tech giant is "seriously considering" accepting bitcoin payments after its recent success.

Although Scott Cutlor, senior vice president of eBay Americas said they're "not quite there yet", his consideration indicates how fast the cryptocurrency is permeating the mainstream.

John Taylor Jr, president and founder of research firm Taylor Global Vision in New York, on the other hand, believes Bitcoin will soon crash, even though it hasn't reached its peak yet.

The cryptocurrency's recent record of nearly $20,000 has been attributed to surging demand in China, where authorities warn it is used to channel money out of the country.