Kazakhstan and the fall of Bitcoin
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Kazakhstan is a former republic of the Soviet Union that after the dissolution of the Soviet Union became independent and remained in the Russian orbit.
It is located in Central Asia and its population is over 17 million inhabitants and its economy is based on the petrochemical industry, tourism and mining.
When China banned Bitcoin and cryptocurrencies, this country became the second with the highest concentration of mining power, having 18% of Bitcoin's computing power.
Since January 5 this crypto has been losing value, breaking the support of 45 thousand dollars and then has been losing more than 3% of its value, being today January 7 in the range of 41 thousand dollars.
This abrupt and unexpected fall, when analysts were optimistic about the behavior at the beginning of the year of the currency, has a political component, since it is associated with the conflicts that are currently arising in the country I am talking about and has caused its president to resign.
This has caused a state of siege and the suspension of Internet and communications services, so that mining and transactions have been suspended, affecting the movement of the currency.
There are those who assume other causes, but the main one at this moment is the one I have named.
hello @joseph1956,
What is happening in that country is something that should be brought to our attention. Russia sends troops to control the people and invade that territory, but in the news they try to blame the protesters. if it was the us who invaded, all the media would not stop talking about it. another important point is that due to the climate and the cheapness of energy the miners had many of their operations in that country, now that it is invaded, panic is taking over the miners.
Hello friend @joseph1956, interesting news, I was not aware of it, but certainly that a situation like that, resulting in the suspension of internet services, would affect the rate of Hash in the network given the great computing power that was concentrated in that country, which would certainly affect the price significantly, hopefully this situation will be overcome soon.
Greetings @ jose1956
Very interesting news for the situation that this country is going through and what it represents for the Bitcoin, I certainly hope that the constitutional thread can be restored again very quickly and that does not aggravate the fall of the price, as it can serve later as input for those detractors of bitcoin and want to achieve something worse with its price.
Thank you very much for sharing your publication
@tipu curate
Greetings @joseph1956
I do agree with you. This situation in Kazahstan lead to the hash rate of the Bitcoin network dropping which is one of the main reasons for the recent Bitcoin drop. On the other hand I do think that Bitcoin will recover sooner than later from this.
Great read :)
Hello @joseph1956, This that you inform us goes beyond what is expected, and I see it as dangerous for the stability of the prices of other cryptoassets, hopefully this will take a few days and soon return to normal.
Hey viejo y esta farsa calumnia que te han levantado que fue.
https://peakd.com/hive-110011/@eddiespino/ikdkrkxj
Con razón nunca le regalaste ni un miserable voto al pobre viejo de oizaguirre y el tanto que te defendía verdad mi modo a ver hasta cuándo le sigues con esto, de las multicuentas veo que aquí eres el rey y todos ni cuenta, lástima tan bien que iba el negocio.