It looks like the market is bailing on bitcoin.  

The virtual currency that was once valued nearly as high as gold is fading fast amid security concerns and a steep drop in transactions.  

Late last year, transactions hit a high point of nearly 100,000 a day.  

As of this week, that number has dropped to around 28,000.  

The price of a bitcoin stands at around $630, down from more than $1,100 in November.