Despite being the biggest and most significant cryptocurrency, Bitcoin is still famously susceptible to dramatic rises proceeded by equally rapid falls. Having surged to an all-time high of over $60 thousand in April 2021, Bitcoin plunged to around the $30 thousand mark at the end of July. Instability and crypto go hand in hand though, and the Bitcoin roller coaster raced skyward again soon after, with the record-breaking price of over $67 thousand hit in Early November.
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The yo-yo gave in to gravity again at the beginning of 2022, fueled largely by the political unrest and protests in Kazakhstan and the subsequent internet shutdown. What does the situation in Kazakhstan have to do with Bitcoin? Since China’s crackdown on the currency, its neighbor has risen to become the second biggest player in the Bitcoin mining landscape, accounting for 18.1 percent of all global computing power used for the activity.
source statista
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