The price of bitcoin in South Korea plummeted to below 70 million won in trading on Tuesday.

According to cryptocurrency trading platform Bithumb, the price of bitcoin, which hovered around 77-point-four million won at Monday noon, traded at slightly over 67 million won as of 3:30 p.m. Tuesday.

At one time earlier in the day, the price fell to around 65 million won before gaining some ground.  

The sharp decline came after the government announced on Monday that it would launch a special crackdown from this month through June to prevent money laundering, fraud and other illicit activities using the cryptocurrency.

Last weekend, rumors swirled on Twitter that the U.S. Department of Treasury was also planning to investigate cases of money laundering using the virtual currency.