Market

Bitcoin is approaching $ 41,000

Bitcoin fell $ 42,000 on January 7, its lowest level since September 2021.

The largest digital currency is once down 4.9% to 41.008. please U.S. dollar, that’s 40% less than the record of almost VND 69,000 U.S. dollar set up on 10.11. Ethereum fell 8.3% to nearly 3,000 U.S. dollar, its lowest level since September 30th.

The decline came after the minutes of the Fed’s December meeting signaled that the central bank could hike rates earlier and faster than forecast and cut the balance sheet.

Bitcoin price is up 60% in the last 12 months and has outperformed other asset classes as digital currency is adopted by more institutions and bitcoin is viewed as an inflation hedge as well as a tool for diversifying investments.

Recently, however, Bitcoin has been falling steadily overall amid the volatility of the financial market. Rising inflation has led central banks around the world to tighten monetary policies, which threatens to undermine the abundant liquidity that has been the driving force behind asset prices for the past two years.

Chaos in Kazakhstan is having a negative impact on cryptocurrencies

When the Central Asian country of Kazakhstan fell into chaos this week, its Bitcoin mining hub was hit hard too. The price of the largest digital currency also weakened, falling to 42,000 U.S. dollar.

Almost a year ago, China banned all cryptocurrency miners, many of whom moved to neighboring Kazakhstan. Months after those miners built the mining infrastructure, however, the fuel price protests became the worst uprising Kazakhstan had seen in decades, and left cryptocurrency miners caught in the crossfire as well.

The Kazakh President Kassym-Jomart Tokayev has ordered the state telecommunications provider to shut down Internet services and thus stop Bitcoin mining in this country. Bitcoin miners in Kazakhstan are known to account for nearly 15% of all bitcoin mining activity in the world, said Kevin Zhang of the Foundry. This also has a negative impact on the Bitcoin price.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

1 hour ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

3 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

4 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

5 hours ago

This website uses cookies.