Bitcoin And Wider Crypto Market Slump: How It Might Be Linked To Civil Unrest In Kazakhstan
Crypto Experiences Sudden Slump Linked To Loss Of Global Computing Power.
Household name cryptocurrency Bitcoin is down to trading prices not seen in over 3 months. Traders are reporting that the price of the world’s leading coin is currently fluctuating in the ballpark of 40% less than its all-time high of $69,000.
Bitcoin's value has a tendency to reflect the general state of the cryptocurrency market due to the currency’s market cap and reputation as the oldest and biggest name in town when it comes to crypto.
Many are now flocking to the crypto market to buy the bitcoin and other currencies cheapened by the drop in a rushed bid to beat the expected restabilisation.
Some experts attribute the currency’s sharp decline in price due to internet blackouts in the central Asian country of Kazakhstan amid growing civil unrest.
Unrest in cities across the country forced the 2nd biggest bitcoin hub by global ranking to shut down.
Crypto requires a large amount of computing power which has been depleted as a result of the turmoil in Kazakhstan, affecting the global average. Despite this being pure speculation as of now it seems to be the likeliest explanation. Will you be rushing to buy crypto anytime soon?