Bitcoin is headed for its worst monthly decline since January 2015. Price hit as low as $9915. But why? As there could be more than a few reason behind it, we think the main reason is the regulations. Increased scrutiny from regulators and criticism from major businesses and leaders has weighed on the price.

So far, this is the biggest monthly decline since a fall of 30.9 percent in January 2015. In fact, January is typically a bad month for bitcoin — the cryptocurrency has fallen in four out of five of the Januarys in the period between 2013 and 2017.

According to Coinmarketcap.com, so far this month, nearly $60 billion has been wiped off the value of bitcoin.

South Korea’s Impact

South Korea brought in new rules to regulate cryptocurrency trading but stopped short of banning it outright. The country’s customs service said Wednesday that it had uncovered cryptocurrency crimes worth 637.5 billion won ($594.35 million).

And on Tuesday, the U.S. Securities and Exchange Commission said it had obtained a court order to halt and freeze the assets of what is likely the largest initial coin offering ever.

Meanwhile, Facebook said Tuesday that it was banning ads that promote cryptocurrencies. The social networking giant said it is trying to stop the promotion of “financial products and services frequently associated with misleading or deceptive promotional practices.”