Bitcoin has fallen hard to a 3 month low near $41,222.41 just after 9 p.m. ET Thursday, reaching its lowest level since September 29.
Hawkish comments from the Federal Reserve this week triggered a sell-off in global stock markets which spilled over into cryptocurrencies. The hawkish comments triggered a sell-off in global stock markets which spilled over into cryptocurrencies. Bitcoin bulls often describe it as an asset that is uncorrelated to traditional financial markets, however experts have noticed growing parallels in the price movements of bitcoin and stocks. Bonds moved higher in anticipation of higher rates.
Several countries are now playing whack a mole with mining: China, Kazakhstan, Kosovo. Many ming operations have moved to other locations and the US and Canada have both seen an influx of mining.
An internet shutdown in Kazakhstan, the world’s second-largest bitcoin mining hub, is also weighing on crypto prices. There have been a lot of protests in the country and mining concerns are very worried. Kosovo has moved to arrest some smals miners after making mining illegal several days earlier.
Riots over fuel prices escalated in Almaty, Kazakhstan. Gasoline prices rose from $0.13 to $0.26 per litre in January 2, 2022. Mobs of protestors ransacked and looted stores. Earlier it was reported that 13 law-enforcers were killed in the riots. The bodies of two dead security officers were found decapitated. During the riots in Almaty, as many as 120 shops, 180 cafés and 100 small businesses were vandalized and looted.
The government was forced to call out the armed forces to regain some level of security with the police. Russia also sent some troops in to help police. Now people are scared to even go outside after the riots. Much of the damage is around the big main square that protesters first went to when the demonstrations began. Media buildings nearby were attacked and the mayor’s office burnt down. It is pitch black now, having been engulfed by black smoke.
In Kazakhstan agricultural workers are not well paid and many live in real poverty. Many agricultural workers were in Almaty protesting the higher fuel costs. Now Almaty looks like war zone. In the city of Zhanaozen, protesters demand a reset of the system of power. They want a person outside the system to come to power. This is unlikely to happen, because Kazakhstan is not a self-sufficient state.
Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Tajikistan are all working with Russian troops to provide security. Many of the nation in the region are still not very stable and they need a lot of work to become more stable. Putin has realized that much work to develop the economies of the states is now vital to long lasting stability. It may take 10 to 20 years of hard work to modernize an economy.