protests-Kazakhstan-hit bitcoin hard because they are connected

protests-Kazakhstan-hit bitcoin hard because they are connected
Alessio Marino

January 7th, 2022, 08:55 am

After the Black Epiphany of cryptocurrencies, with Bitcoin which had dropped below 43 thousand dollars, the collapse of the market’s main virtual currency continued overnight and is closely linked to the ongoing protests in Kazakhstan.
For those who do not know, in fact, Kazakhstan is the second most important country in terms of Bitcoin mining. This would already be enough to partially justify the decline in the market, but to this were added the internet access problems that hit the second most important mining hub in the world, which had to face a real shutdown.
The growth of mining farms in Kazakhstan coincided with the ban on Bitcoin and cryptocurrencies by China last September 2021. In fact, following the announcement of the local authorities, many of the miners sought refuge in neighboring Kazakhstan; they would never have imagined an escalation of protests like those of the last few days, which also affected mining farms and therefore had an important (and negative) impact on the entire market.
At the time of writing, Bitcoin is trading at $ 41,523, 3.75% less than 24 hours ago, while Ethereum even slips 8.19% to $ 3,176.73, with Solana losing the 8.50% to 137.62 Dollars and Cardano which reports a -1.12% to 1.21 Dollars.
SOURCE: CNBC