Things are not looking good for cryptocurrencies.
The price of the digital currency dropped dramatically on Wednesday, following a raid on the mining industry in the country. Anyone who bought in at its recent high of $69,000 has now gotten cleaned out, because prices fell below $42,000 on Thursday.
The price drop is due to a series of violent revolts in the former Soviet republic, spurred in part by the country's President, who ordered security forces to "kill without warning" to quell protesters.
It's called Hash Downs.
The drop in the term "hashrate" was caused by the ban. The vice president of research at The Block said that the price of the digital currency had fallen in the hours after the internet went out in the country.
The inverse seems to be true, as fewer miners would seem to be a boon to the prices, but in actuality less supply would mean more prices. The drop in the price of the digital currency seems to have been caused by investors starting to sell their holdings.
The same story.
There are other things fueling the fall. The news that the US Federal Reserve is considering raising interest rates caused a drop in prices for a wide variety of assets.
It is a perfect storm that has caused investors to be hesitant in putting their money into riskier assets. The market usually bounces back after dips like this.
This might be a down month for you, so keep perspective. For some, it is the culmination of violent turmoil against an authoritarian regime. Maybe the dip is not that bad.
The power of the network is going down as a result of the crackdown.
The founder of Mozilla was horrified by the browser foray intocryptocurrencies.
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