After the recent developments, Bitcoin, the world’s leading crypto unit, began to experience a sharp decline. After the drop on Friday, Bitcoin hit its lowest level in the last three months.
After tensions over the tightening of US monetary policy late Friday and the shutdown of the internet in Kazakhstan, the world’s second-largest Bitcoin mining centre, Bitcoin has been on the rise for the past three months. lowest levelwhat fell
According to data from Coin Metrics, the value of Bitcoin on Friday $40,749.90It fell below the $41,000 level and hit its lowest level since Sept. 29. Prior to these events, Bitcoin was last trading at $41,947.75, down 2.9 percent.
Bitcoin drop may scare investors in the short term
Bitcoin, the world’s largest cryptocurrency, tumbled earlier this week after the Federal Reserve hinted at its December meeting that it would turn down pandemic-era stimulus from the US central bank; This comment triggered a splashy sale of cryptocurrencies on global exchanges. With 6.8 percent in addition to Bitcoin Ethereum and 7.7 percent wither It also continued to fall on Friday.
Another development affecting crypto prices was the President of Kazakhstan’s decision to shut down the internet service after anti-government protests. According to the Cambridge Center for Alternative Finance, Kazakhstan accounts for 18 percent of the processing power of the global Bitcoin network; but after the government disabled the internet, the country’s Bitcoin network 15 percent ineffective has become.
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UK-based digital asset broker GlobalBlock analyst Marcus Sotiriou said on Thursday that Bitcoin’s computing power “It is not directly related to the Bitcoin price, but is an indicator of the security of the network” and hence short-term investors of a decline that you can scare expressed.
Source :
https://www.cnbc.com/2022/01/07/crypto-bitcoin-btc-price-slumps-to-3-month-low.html