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The bitcoin family has been rocked by the news

8.54pm Bitcoin now lies at $9,078

Bitcoin has now bounced back over the $9,000 mark. In typical bitcoin style it is proving to be a volatile currency.

8.36pm Bitcoin is now valued at $8,990.

Bitcoin seems to be dropping consistently now as CoinMarketCap currently shows all but one of the cryptocurrency falling in price.

If you are a bitcoin investor having a bad night here is a quote from Bill Gates that may cheer you up a bit.

Mr Gates co-founder of Microsoft said: "Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”

7.52pm - UPDATE - Nearly $50 billion wiped off cryptocurrency in worst month

Bitcoin experienced a loss of nearly $50billion from its market capitalisation during January this year in one of its worst-performing months.

Last year the price of bitcoin rose more than 1,000 percent but a crash in the cryptocurrency wiped off nearly $50 billion from bitcoin’s market cap in January alone.

Fawad Razaqzada, an analyst at FOREX.com, said: "Sentiment towards cryptocurrencies is turning sour with negative headlines pouring out from left, right and centre."

6.56pm -UPDATE - Bitcoin experiences 11 per cent drop in price

Bitcoin dropped 11 percent today to its lowest price since November as a Facebook ban on cryptocurrency adverts and an increasing crackdown frightened investors.

Thursday's drop to as low as $9,022 on the Luxembourg-based Bitstamp exchange left bitcoin trading at less than half the peak price of almost $20,000 it reached in December.

Other cryptocurrencies, including Ripple, the third-largest by market value, and Bitcoin Cash, have also racked up double-digit declines in the last 24 hours, according to Coinmarketcap.com, which tracks the industry. Ethereum was up slightly on the day.

4.56pm - UPDATE - Enel has announced it has no interest in providing energy for bitcoin mining

Europe’s biggest power utility companies Enel has taken a stand against the energy-hungry industry of mining cryptocurrencies, saying it has "no interest whatsoever in selling power" for the purpose.

The Italian company said it had reached the decision after careful study and analysis.

Enel said: "Enel has undertaken a clear path towards decarbonisation and sustainable development and sees the intensive use of energy dedicated to cryptocurrency mining as an unsustainable practice that does not fit with the business model it is pursuing."

3.10pm - UPDATE - Kodak shares have fallen after delaying the release of its own cryptocurrency

Originally, it was announced that investors could start buying into the initial coin offering (ICO) on January 31, for the KodakCoin the company’s own cryptocurrency.

This has now been delayed and the company has said the process could now take several weeks.

A statement on Kodak's website blamed the delay on the need to verify each investor. It said: ”With over 40,000 potential investors expressing an interest in the ICO, we are now moving into the 'accredited investor' phase.”

Additional reporting by Darius McQuaid

2.39pm - UPDATE - Australian airport to accept Bitcoin

Brisbane Airport is set to become the planet's first aviation hub to accept bitcoin, dash, steem, litecoin and ethereum - after signing an agreement with tourism company TravelbyBit Australia.

The small peice of good news is unlikely to change the general movement of bitcoin, which is heading south, and fast.

Bitcoin has reduced its loses to $700 on the day so far, with the price now at $9,427.

1.53pm - UPDATE - Massive losses

Bitcoin has now shed $975 of its worth as concern over tether manipulation and negative noises coming from India send the price south.

Bitcoin is currently at $9,206.

Ripple has dropped to $0.98 a loss of 13 percent.

12.45pm - UPDATE - Bitcoin falls $865

Bitcoin has dropped to $9,320, a fall of $865 on the day so far.

Ripple is down at $1.2 an 11 percent fall on the day so far.

Ethereum is up on the day at $1,117.