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Bitcoin's Value Drops Amidst Kazakhstan Crisis

After statements by the US Federal Reserve, Bitcoin prices have dropped to their slightest record in months.

The cryptocurrency’s value saw a decline, each digital coin’s value jumped down from $47,000 to below $42,000 early in the week.

The decrease happens as the outcome of a proceedings of the American Federal Reserve who proposed an increase in interest rates.

In this regard, political developments in Kazakhstan, the world’s second top bitcoin mining epicenter, have, too, been a matter of concern. However, it’s hard to associate any jump or fall in Bitcoin prices with only one cause as it has a global and acentric essence.

The Federal Reserve's recent meeting in December stated that a rise in interest rates might happen sooner than expected and America's central bank will likely liquidate some of the assets. This might have a side effect on traditional investors holding Bitcoin as they might decide for assets with little risk.

In the meantime, Kazakhstan, a core place for Bitcoin mining, a process which adds new Bitcoin transactions to the blockchain, has this week witnessed violence and protests over increase in fuel prices. Protesters in the Central Asian country took over buildings in Almaty.

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By Saha on January 10, 2022


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