The price of bitcoin and other cryptocurrencies continues to drop and recent reports also highlight that substitutes to digital currency are also experiencing falls in value.

Price index results show that on the 23rd January, all of the top 39 cryptocurrencies, have decreased in value over the course of 24-hours. What's more, only 5 out of the 100 largest digital currencies has increased.

In 24 hours, bitcoin is down by 8.29%, while Ethereum has fallen 8.87%. In addition to this, Ripple has decreased by 4.87%, and Cardano and bitcoin cash have fallen by 8.85% and 8.98%. Furthermore, Dogecoin, a coin that was originally formed as a joke has also fallen in value by 10.13%. The biggest decline of all was suffered by syscoin, which fell in value by 19.45%.

These latest results come as officials in South Korea have revealed they are introducing tighter regulations to ban unidentified cryptocurrency accounts. In an attempt to support the tracing of virtual currency transactions, South Korean officials have said the move is to combat digital currency being used to fund illicit activity. The regulations will also prevent underage investors as well as traders living outside of the country who do not possess a local bank account from entering the market. They have also confirmed that current cryptocurrency accounts used for trading, will no longer be valid.