Bitcoin’s price dropped over $1,300 in just over an hour on January 16th. The fall comes after the price of Bitcoin has been plummeting in the last few days as a likely result of South Korea’s proposed regulations. Experts had estimated that Bitcoin would return to normal levels today.

Opening at $13,585, it then reached $13,601 before unexpectedly dropping just after 07:00 UTC. In 1.5 hours, the price of Bitcoin went from $13,210 to $11,850, a total fall of $1,360. Now at an unexpected low, the price of Bitcoin also saw similar results during December, though this was also a time when it was close to achieving a new record at around $20,000.

Later this morning, the price had improved slightly, trading at around $12,195, which is still down 10% for today. Furthermore, it appears that the entire market is also seeing drops. According to CoinMarketCap, every cryptocurrency in the Top 20 is in the red, with individuals such as Ethereum down by 14%, Ripple down 21% and Bitcoin Cash down by 19%.

The market total for all tokens is at $584.9 billion, a big loss compared to $832 billion which was seen at the beginning of January.