Bitcoin 13.4% Drop As Result of KAZAKH Government Resigns.

[Wiwo]

Lots of analyses have been going on the entire cryptocurrency space because of the sharp drop in the bitcoin market capitalization price and what may have resulted in that what make it more obvious was the fact that the bitcoin hash rate also dropped rapidly, where about 222 million dollars melted from the market within 24 hours.
Not until the news of the resignation of the government of KAZAKHSTAN  broke out about 20 hours ago, well if you most know Kazakh is the second biggest country in bitcoin mining and the government unrest have led to the shooting down of internet service in the country leading to a 13.4% drop in the market since all mining farm within the country have shut down in the last 24 hours and this has greatly impacted the entire blockchain mining sector which is the engine room for all bitcoin activities.
https://cointelegraph.com/news/kazakh-government-resigns-shuts-down-internet-amid-protests-causing-bitcoin-network-hash-rate-to-tumble-13-4/amp

[Chato1977]

Lots of analysis have being going on the entire cryptocurrency space because of the sharp drop in the bitcoin market capitalization price and what may have resulted in that what make is more obvious was the fact that the bitcoin harsh rate also dropped rapidly, where about 222 million dollars melted from the market within 24 hours.
Not until the news of the resignation of the government of KAZAKHSTAN  broke out about 20 hours ago, well if you most know  th

Well i think this is the thread first created about this case?

https://bitcointalk.org/index.php?topic=5380083.0

because it has been posted hours before you created this.

________________________________

but thanks for the thread as i have also search for the reason of this Big dump today.

[virasog]

Lots of analyses have been going on the entire cryptocurrency space because of the sharp drop in the bitcoin market capitalization price and what may have resulted in that what make it more obvious was the fact that the bitcoin hash rate also dropped rapidly, where about 222 million dollars melted from the market within 24 hours.
Not until the news of the resignation of the government of KAZAKHSTAN  broke out about 20 hours ago, well if you most know Kazakh is the second biggest country in bitcoin mining and the government unrest have led to the shooting down of internet service in the country leading to a 13.4% drop in the market since all mining farm within the country have shut down in the last 24 hours and this has greatly impacted the entire blockchain mining sector which is the engine room for all bitcoin activities.
https://cointelegraph.com/news/kazakh-government-resigns-shuts-down-internet-amid-protests-causing-bitcoin-network-hash-rate-to-tumble-13-4/amp

Wasn't the market showing weakness for last few days and this drop had to come. How strange that we always a news to back up the Bitcoin price drop. In reality, the price action for last few weeks is suggesting that market has no strength to go upwards and it may go further down. These news may further pushes Bitcoin down 👇👇

[DeathAngel]

We’ve been in a descending channel ever since we hit 69k back in November. I think it’s just a gradual move in to a bear market. I don’t think Kazakhstan has anything to do with it. This is how bitcoin works in these 4 year cycles. Next bull market starts 2024.

[naira]

That's enough to make the market crash, this possibility will continue until this blackout is completely resolved. Insufficient electricity supply caused mining to be stopped. Internet and all access are also blocked. Kazakhstan is indeed in a crisis accompanied by a pandemic that has also affected their income since 2021. Even though they only opened mining some time ago after China stopped mining, then the Kazakhs appeared with rules for opening mining on a large scale.

[Pahom]

Almost the entire country of Kazakhstan has shut down the Internet and in the current situation miners may start to leave Kazakhstan and thereby bring down the bitcoin hashrate. There is 18.1% of the network hashrate in the country. Falling hashrate will led to fall of Bitcoin price. That's  a really bad situation. Mining company BitFuFu has already shut down devices located in Kazakhstan due to power supply problems in the country and began to relocate equipment to the United States. Other industry representatives have also decided to take this step.

[mk4]

I'm guessing that that's just a coincidence. Assets in general have dropped across the board; as far as my understanding goes it was much more of a market-wide drop(S&P500 was also down) rather than a drop due to some negative news.

[Tellek Garing]

The crisis has lasted over 24 hours and until this moment electricity and internet services have not been restored and being a leading country for cryptocurrency mining this political unrest will continue to have adverse effects on the Bitcoin mining hash rate as miners from that region are forced to close down because of the outage of electricity and the Internet which are both crucial part in Bitcoin mining operations.

[goldkingcoiner]

If the dip comes mostly from Kazachstans internet shutdown and the FED fud then most definitely I believe that this dump is a bear trap. There is no way that we are not going to see a bounce after the entire Kazachstan internet dillema cools down and the miners go online again. Basically the last few days of dump were an unsustainable FUD situation and soon we will be seeing a lot of FOMO.

[Argoo]

We’ve been in a descending channel ever since we hit 69k back in November. I think it’s just a gradual move in to a bear market. I don’t think Kazakhstan has anything to do with it. This is how bitcoin works in these 4 year cycles. Next bull market starts 2024.

I also think that the events taking place in Kazakhstan have nothing to do with the current drop in prices in the cryptocurrency market. The price dropped significantly before the New Year, when everything was still calm in Kazakhstan. The Internet in this country was disconnected for only eight hours. A short-term drop in the bitcoin hash rate could not affect its price so much.
We will see a bullish rise in prices in this market later this year, as there is no serious reason for its prolonged decline.

[BIN-BIN]

Lots of analyses have been going on the entire cryptocurrency space because of the sharp drop in the bitcoin market capitalization price and what may have resulted in that what make it more obvious was the fact that the bitcoin hash rate also dropped rapidly, where about 222 million dollars melted from the market within 24 hours.
Not until the news of the resignation of the government of KAZAKHSTAN  broke out about 20 hours ago, well if you most know Kazakh is the second biggest country in bitcoin mining and the government unrest have led to the shooting down of internet service in the country leading to a 13.4% drop in the market since all mining farm within the country have shut down in the last 24 hours and this has greatly impacted the entire blockchain mining sector which is the engine room for all bitcoin activities.
https://cointelegraph.com/news/kazakh-government-resigns-shuts-down-internet-amid-protests-causing-bitcoin-network-hash-rate-to-tumble-13-4/amp

T
As the protest way into it, 4th-day internet in Kazakhstan have not been restored and as a country that is housing the second-largest Bitcoin blockchain activities such as mining its still unclear is that political unrest in a single country can affect the entire crypto market, I still believe a lot of factors have contributed to this current Bitcoin drop to $42,000 before gradually recovering back to 43,000 of above. The fact is the fed policy in taxation is also one of the causes of this drop.

[The Cryptovator]

Most probably OP is right here. Bitcoin was in a downtrend for a few days and it pushed more down due to this news. I wasn't aware of that news and just I had been thinking why Bitcoin start damping right now. First I thought it's due to current waves of COVID but seems you provide reasonable reasons why Bitcoin was dumped today. Hope it will start recovering from the current zone. I am worried if Bitcoin breaks the $40K zone then we might see a real bear.

[Fortify]

Lots of analyses have been going on the entire cryptocurrency space because of the sharp drop in the bitcoin market capitalization price and what may have resulted in that what make it more obvious was the fact that the bitcoin hash rate also dropped rapidly, where about 222 million dollars melted from the market within 24 hours.
Not until the news of the resignation of the government of KAZAKHSTAN  broke out about 20 hours ago, well if you most know Kazakh is the second biggest country in bitcoin mining and the government unrest have led to the shooting down of internet service in the country leading to a 13.4% drop in the market since all mining farm within the country have shut down in the last 24 hours and this has greatly impacted the entire blockchain mining sector which is the engine room for all bitcoin activities.
https://cointelegraph.com/news/kazakh-government-resigns-shuts-down-internet-amid-protests-causing-bitcoin-network-hash-rate-to-tumble-13-4/amp

There does seem to be a whole host of adverse news against Bitcoin and cryptocurrency in general lately - just in the last couple days we see Kosovo, albeit just a tiny country, banning Bitcoin mining due to electricity blackouts. I think that might have a bit of contagion elsewhere around Europe because high energy prices are hitting consumers hard in every country and it's very difficult to justify using so much electricity on the blockchain when there are much more energy efficient payment processors already in existence. I'm rather impressed that this relatively low-key country was such a huge contributor - 18% - of the hash rate of Bitcoin so it does seem like this is very bad for Bitcoin.

[bekti3]

I think it's too soon to conclude that the current decline is due to the shutdown of power lines in a country that has quite a lot of human resources, namely 20%. but indeed this could be one of the effects as well.
whatever it is right now there is a pretty decent decline making assets volatile and this could be a continuation of the opening of 100,000 BTC from MtGox some time ago.

[Hamphser]

Most probably OP is right here. Bitcoin was in a downtrend for a few days and it pushed more down due to this news. I wasn't aware of that news and just I had been thinking why Bitcoin start damping right now. First I thought it's due to current waves of COVID but seems you provide reasonable reasons why Bitcoin was dumped today. Hope it will start recovering from the current zone. I am worried if Bitcoin breaks the $40K zone then we might see a real bear.

When it comes to reasons on why price had declined out then i dont really believe that much for it to be accurate because the market could really move down without any reasons thats why its really hard

to make out conclusions about precise reasons on why the market had plummet out on gradual basis.Neither those reasons are the possible causes of these decline but lets just hope out for some

recovery soon which is very typical or common to happen in a market and why would bother and its the best time to make out some buybacks.

[CryptoWebDirectory]

I believe the Kazakh stuff does have something to do with the sudden drop. I also believe the last minute news from the Fed in the US yesterday has something to do with it as well. Regardless, I'm hoping it gets back above that $46k mark soon. Sadly I don't think if we'll see that happen until this stuff with the Kazakhs gets resolved.

[livingfree]

We're trying to always look for a reason why the market suddenly plunged and we're connecting it as if there's really a connection.

What if we connect it to the FEDs too since we're looking for a reason why it's been down?

Bitcoin Tanked After the Fed Minutes Were Released. Here’s Why.