Bitcoin, Ethereum and other cryptocurrencies fell sharply - the market collapsed due to protests in Kazakhstan

By: Maksim Panasovskyi | 06.01.2022, 00:22
Bitcoin, Ethereum and other cryptocurrencies fell sharply - the market collapsed due to protests in Kazakhstan

In 2021, China banned cryptocurrency mining, after which many companies have successfully moved to neighboring countries, Europe and the United States. Many digital coin miners have settled in Kazakhstan, but even there they are experiencing problems in connection with the protests.

Mining in Kazakhstan could be hit hard by the protests. the largest providers in the country have closed access to the Internet. In particular, the disconnection of access to the Network by the Kazakhtelecom operator, the largest in the country, led to the suspension of the activities of a number of mining companies.

As a result, the hash rates of 1THash, OKExPool and KuCoinPool fell by 82%, 46.3% and 22.7%, respectively. In addition, the performance of the F2Pool, AntPool and ViaBTC pools decreased by more than 10%.In 2021, China banned cryptocurrency mining, after which many companies have successfully moved to neighboring countries, Europe and the United States. Many digital coin miners have settled in Kazakhstan, but even there they are experiencing problems in connection with the protests.

Of course, the rates of all major cryptocurrencies dropped sharply. For example, the price of Bitcoin per day fell by more than 5% and at the time of this writing is less than $ 44,000. Moreover, the main digital currency has fallen in price by almost $ 3,000 in the last 3 hours.

Ethereum already costs about $ 3,550, having dropped by 7% per day. The second largest cryptocurrency by capitalization lost about $ 300 in price in a few hours. Solana, Terra, Polkadot and Avalanche fell in price by almost 10%. Meme tokens DOGE and SHIB cost $ 0.1588 (-6.3%) and $ 0.00003022 (-7.6%), respectively.

A source: CoinMarketCap, CoinDesk