(Bloomberg) -- Bitcoin fell more than 16 percent on worries that Chinese authorities are going to tighten their oversight of the digital currency.

The price of bitcoin touched a low of $761.86 Wednesday, down more than 16 percent on the day and was trading at $777.12 at 1:33 p.m. in New York, according to data compiled by Bloomberg. It hit an all-time high of $1,161.89 on Jan. 5.

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