Finance

Chaos in Kazakhstan Crashes the Prices of Bitcoin

The price of bitcoin dropped below $43,000, showing a decline of more than seven percent over the past 24 hours. The world’s most famous cryptocurrency has shown a decline of about 37 percent since its peak last November, when it hit the $69,000 all-time high. In addition, the so-called cryptocurrency mining is now complicated thanks to the unrest in Kazakhstan, which is one of the countries where cryptocurrencies are mined the most.

Low cryptocurrency prices will not only affect the situation on the financial market where bitcoin is traded. Internet companies such as bitcoin casinos that use these cryptocurrencies for their operations will also join them.

What Caused the Kazakhstan Unrest?

With the current political climate in Kazakhstan, it is not surprising that the price of Bitcoin is going down. The country is a top producer of liquefied petroleum gas, accounting for about 18% of the network’s hash rate. The government’s recent move to increase the price of liquefied propane has led to the chaos in the entire country. The government has taken action against rogue miners, and a state of emergency has been declared in Almaty.

The protests began on Jan. 1 following a fuel price hike. There were multiple fatalities and hundreds of injuries. The protesters attacked both the main cities in the country, Almaty and Shymkent. A number of people were injured, including eight police officers. After the riots in Almaty, the president stepped in and resigned his cabinet. The government reversed the price hike, but the prices of fuel and liquefied petroleum gas continued to rise.

Despite the fact that the government has dispatched troops to the country, the protests are still going on. The price of fuel is up to a record high, and this is posing the biggest threat to the Kazakhstani leadership since the end of the Soviet Union. Large explosions and heavy gunfire have erupted in Almaty city’s city square.

Kazakhstan Internet Blackout is linked to the Decrease of the Bitcoin Price

Kazakhstan is one of the leader in Bitcoin mining since bitcoin mining moved to Kazakhstan last year when China, ban mining. The country was second only to the United States in the amount of energy used to mine cryptocurrency, accounting for 18 percent of global mining last August.

The recent riots in Kazakhstan have resulted in a nationwide internet blackout. The nation’s government has taken action to protect its citizens by shutting down the internet. As a result, this has slowed the growth of the apex cryptocurrency. Because of its high-quality mining infrastructure, the country’s deteriorating infrastructure could lead to a massive decline in the price of bitcoin. While a halt in internet access has caused a spike in Bitcoin’s cost. While the price of Bitcoin has been steadily increasing, it has recently suffered a dramatic drop.

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