The craze over cryptocurrency is as it is hyped but the recent fall of bitcoin has really hit hard to crypto maniacs. Bitcoin prices have fallen to the lowest level in months after the US Federal Reserve’s hint on increasing the interest rates. Fed Reserve’s December meeting notes suggest that the central bank could increase the interest rates sooner than anticipated.
Kazakhstan became last year the world's second-largest centre for bitcoin mining after the United States, according to the Cambridge Centre for Alternative Finance, after major hub China clamped down on crypto mining activity. The political events in Kazakhstan have raised concerns over bitcoin mining. The Central Asian country has been hit hard with political unrest over rising fuel prices. Citizens are protesting and have seized the buildings in the capital city.
Now people who don’t know but Kazakhstan is said to process nearly a fifth of all Bitcoin mining due to its cheap electricity. Due to the internet shutdown earlier this week, the processing power of the Bitcoin network has been hit. The bitcoin price slumped from $47,000 per coin to $42,000 per coin in just 4 days. Other crypto-currencies have also seen price falls. Ethereum saw its value drop by more than 4% in 24 hours, from approximately $3,800 to under $3,200.
No comments:
Post a Comment