Last week, the price of bitcoin fell below $41,000. According to Coin Metrics statistics, the fall is at its lowest point since September 29, 2021. The Federal Reserve’s hawkish comments this week sparked a rally in global stock markets, which spilled over into cryptocurrencies. The internet was cut down in Kazakhstan, the world’s second largest bitcoin mining hotspot. Cryptocurrency prices were also impacted as a result of this.
Bitcoin fell to a three-month low on Friday. This drop occurred amid protests over US monetary policy and an internet outage in Kazakhstan, the world’s second-largest bitcoin mining center.
The price of bitcoin fell below $41,000 at 10:50 a.m. ET on Friday, to $40,749.90.
The drop was so severe that it dipped to its lowest point since September 29, 2021. Bitcoin was last trading at $41,947.75, down 2.9 percent.
Cryptocurrency, the most valuable of all digital assets, began to plummet early this week. The slide began immediately after the Federal Reserve announced in December that it would “shortly contradict its pandemic-era stimulus.”
The belligerent statements sparked a sell-off in global stock markets. As a result, cryptocurrencies exploded. The Bitcoin bulls frequently refer to it as part of a digital asset class that is unrelated to traditional financial markets. Experts, on the other hand, aren’t far away from seeing parallels in bitcoin price swings.
On Friday, other digital assets continued to depreciate. Ethereum increased by 6.8%, while Solana decreased by 7.7%. “The Central Asian country constitutes 18 percent of the bitcoin network’s management power,” according to the data published by the Cambridge Centre for Alternative Finance. Due to Beijing’s prohibition on virtual currency mining, several crypto miners have fled to Kazakhstan. “The internet liquidation in Kazakhstan pulled as much as 15% of the network offline,” according to sources.
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