Internet is down on Kazahstan, Bitcoin Hashrate drooped, Price affected?

[goldkingcoiner]

I think we are going to see a nice bounce back now that the internet has been restored in Kasachstan. But then again, the hashrate did not really drop all that much, so mostly the drop in price, as far as I see it, was due to a mass panic about the hashrate dropping that turned out to be nothing drastic. As always, these things are based on fud and its never worth selling your coin due to such circumstances.

[yhiaali3]

I don't think it's the only reason, this is one of several other reasons why bitcoin dropped to this level:
- Because the Fed decided to raise interest rates in 2022
- Because of the MtGox case where about 100,000 BTC was pumped out
- Finally, because the Kazakh government cut off the Internet in the country, which led to the suspension of miners there.
I think that all these reasons combined led to this sudden Dump of Bitcoin, of course the whales will not miss this great opportunity from their hands and will try to pressure the market more and more.

[DdmrDdmr]

Although internet has certainly not been restored to how it was a week ago, before the events, there seem to be some improvements:

https://twitter.com/netblocks/status/1480713969295933443

A similar chart can be seen using Cloudflare’s Radar (bears different selectable timeframe filters):
https://radar.cloudflare.com/kz?date_filter=last_7_days

There are some timeframes where the service seems to be up and running. I wonder if the miners are keeping the equipment’s off, or whether they are back online during the available, yet intermittent, windows of internet service.

[Coin-1]

I don't think it's the only reason, this is one of several other reasons why bitcoin dropped to this level:
- Because the Fed decided to raise interest rates in 2022
- Because of the MtGox case where about 100,000 BTC was pumped out
- Finally, because the Kazakh government cut off the Internet in the country, which led to the suspension of miners there.

You are certainly right, but I can add to this list another possible reason for the current dump in the price of BTC. About a month ago, a large centralized exchange, Bitmart, was hacked. The criminal withdrew Bitcoin and other cryptocurrencies worth about 196 million dollars. Perhaps the hacker has sent the stolen coins to mixers and is now selling BTC on different CEXes and DEXes.

As for the aforementioned Asian country that has a lot of miners, I do not see a significant drop in the hash rate on the chart. On December 31, 2021, the hash rate was 155 EH/s. Three days later, on January 2, 2022, the hash rate increased to 203 EH/s. Currently, the hash rate is 177 EH/s and looks stable.

Therefore, I think that the temporary Internet shutdown caused by the recent riot in this country hasn't had much of an impact on the global cryptocurrency market.