Bitcoin, the world’s biggest and best-known cryptocurrency, is currently trading at less than $11,300, according to CoinMarketCap - down from a high of more than $12,000 yesterday (January 28).

Its coin market capitalisation is now hovering around the $190billion mark, which is far below its December peak of nearly $335billion. 

Bitcoin’s growth looked unstoppable last month, when it surged from less than $3,000 to nearly $20,000 in just a few months.

But the entire crypto market has faltered since the start of the year, with bitcoin’s closest rivals Ripple and Ethereum also struggling. 

The bitcoin (BTC) price tracker below shows the digital currency’s value in real time. 

Read more: BITCOIN PRICE LIVE UPDATES

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This latest rocky patch for bitcoin is thought to have been triggered by rumours that the Tether cryptocurrency has been artificially raising its value.

Owned by trading company Bitfinex, Tether has been criticised by financial bloggers who claim it has been plucked from thin air to boost the value of bitcoin.

Nicholas Weaver, a professor from UC Berkeley’s International Computer Science Institute has warned that a “bloodbath” would ensue if the claims turn out to be true. 

COIN MARKET CAP

Bitcoin price chart: Bitcoin has lost about $12.5billion of value since yesterday

He tweeted: “At current prices, net new bitcoin requires $18million of net new dollars flowing in to maintain the price.

Without this scam Bitcoin price would collapse by 80 percent

Nouriel Roubini, a professor at Stern School

“Yet there is a net $100million a day of fake dollars in the form of Tethers...

“If that tether printing press ever breaks, there will be a true bloodbath on the cryptocurrency prices. Good.”

Read the full report: BITCOIN PRICE CRASH ‘BLOODBATH’

Meanwhile, Nouriel Roubini, a professor at Stern School, said the revelations could see bitcoin plummet by as much as 80 percent.

He tweeted: “Indeed Tether/USDT used to manipulate Bitcoin prices. Without this scam Bitcoin price would collapse by 80 percent.