Bitcoin Price: Brutal Crash In Kazakhstan Sparks Global Cryptocurrency Crash | World | News

The protests in Kazakhstan sparked a brutal crackdown on the Russian-backed president Kassym-Jomart Tokayev. Authorities claimed protesters beheaded two police officers after President Tokayev issued a killing order on violent protesters on Friday. This ongoing chaos has caused a dramatic collapse in the global price of Bitcoin, with Kazakhstan home to nearly a fifth of the world’s Bitcoin miners.

President Tokayev reportedly ordered telecommunications providers to block internet access on January 6, causing chaos in the cryptocurrency mining operation.

The internet blackout in Kazakhstan, the world’s second largest bitcoin mining country, has reduced the amount of computing power dedicated to cryptocurrency.

Bitcoin prices fell below $ 42,000 on Thursday, marking its lowest point since September 2020.

Larry Cermak, vice president of research at cryptocurrency site The Block, said Bitcoin’s hashrate – the amount of computing power for mining – fell 12% after the blackout from Kazakhstan.

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A large number of mining groups moved to the former Soviet state after the crackdown in China last year.

It comes as President Tokayev blamed foreign-trained “terrorist” gangs for the anti-government protests.

In a televised address on Friday, President Tokayev said he personally gave the order to use lethal force without warning against protesters.

He said as many as 20,000 “bandits” attacked the financial capital Almaty and destroyed state property.

Overnight, a police spokeswoman said “dozens of attackers have been liquidated” in Almaty.

More than 3,800 people have been arrested, according to the ministry.

Protests erupted in the western oil province of Mangistau on Sunday after the cap on petroleum gas – which many people use to power their cars – was lifted.

The country’s leaders did an about-face, but the unrest only intensified, leading to the worst violence ever seen in the former Soviet republic in 30 years of independence.

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