Kazakhstan: Bitcoin price decreased due to ongoing protest

Bitcoin rate has dropped from $48000 to $42000 late Friday night.

The Bitcoin prices have decreased due to the protest in Kazakhstan, the country’s facing a lack of internet access, as a result, the biggest network of Bitcoin remain inactive the whole day.

According to the Breezy Scroll report, Bitcoin prices have decreased by more than 10% these days. Due to the protest in Kazakhstan, world’s top cryptocurrency mining was shut down. After the Kazakhstan government allowed telecommunication providers to shorten internet access throughout the country.

Numerous cryptocurrency miners had relocated to Kazakhstan. In order to take benefit of the country’s affordable electricity after neighbouring China, another major junction denied them in May 2021.

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According to the Cambridge Center for Alternative Finance, Kazakhstan accounted for about 18 per cent of the global hash rate in August. Trailing only the United States.

Kazakhstan’s crisis has shown that how geopolitical threats can affect bitcoin. Even though it is not handed out or supported by any government. Political and societal characteristics will play an enormous role in the cryptocurrency market in the future.

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