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Author Topic: Bitcoin slumps to three-month low, fears Fed rises, Kazakhstan internet shutdown  (Read 489 times)

Drake Bell six

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on: January 09, 2022, 01:43:44 AM
Bitcoin slumps to three-month low, fears Fed rises, Kazakhstan internet shutdown

CNBC news agency reported that Bitcoin fell to a three-month low on Friday (Jan 7) amid concerns about tightening US monetary policy. and the shutdown of the internet in Kazakhstan, the world's second largest bitcoin mining hub.

Data from Coin Metrics shows that the bitcoin price fell below $41,000 on Friday after 10:50 a.m. U.S. time. Bitcoin fell to $40,749.90, its lowest level since Sept. 29, before recovering to close at $41,947.75, down 2.9 percent.

Bitcoin, the world's largest cryptocurrency It started falling earlier this week. After the Federal Reserve (Fed) released minutes of its December meeting, indicating that The Fed will reduce the stimulus measures introduced during the coronavirus pandemic.

Comments on the outlook for the Fed's tightening of monetary policy have sparked a sell-off in global stock markets. and spread to the crypto market The experts noted that Bitcoin price movements and the stock market are more synergistic.

Other cryptocurrencies also dropped on Friday. Ethereum fell 6.8% and Solona fell 7.7%.

Crypto prices have also tumbled on news that the president of Kazakhstan has ordered the shutdown of the country's internet service. After protests against the government

Cambridge Alternative Finance Center revealed that Kazakhstan accounts for 18% of the computing power of the Bitcoin network. Many bitcoin miners have fled from China to Kazakhstan. After China banned bitcoin mining


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