Crypto Stories

Bitcoin Price Falls To A Three-Month Low As Cryptocurrencies Prolong Losses

By Parasshuram Shalgar
Published January 8, 2022 Updated February 2, 2022

Bitcoin price descends below the $41,000-mark last week. The fall is reported to be its lowest level since Sept. 29, 2021, according to the reports by Coin Metrics. Hawkish’s comments from the Federal Reserve this week enkindled a reimbursement in global stock markets which surged into cryptocurrencies. Kazakhstan – 2nd largest bitcoin mining hub in the world, witnessed internet shutdown. This also weighed on crypto prices.

Bitcoin Price Falls off: Lowest Price Ever

On Friday, Bitcoin dropped to a three-month low. This decline took place in the middle of agitations over U.S. monetary policy and an internet shutdown in Kazakhstan – the world’s second-largest bitcoin mining hub.

After 10:50 a.m. ET Friday, the price of bitcoin fell below the $41,000 mark to $40,749.90. The fall was so much so that it reached its lowest level since Sept. 29, 2021. Bitcoin last traded down 2.9% for $41,947.75.

The largest among digital assets – cryptocurrency set about falling earlier this week. The fall began soon after the Federal Reserve’s December meeting indicated, “U.S. central bank soon to contradict its pandemic-era stimulus.”

Due to the combative comments, sell-off in global stock markets got provoked. This in turn surged into cryptocurrencies. Repeatedly, the Bitcoin bulls evoke it as part of digital assets that are not related to traditional financial markets. Although, experts are not far reached from the expanding parallels in the bitcoin price movements.

Other digital assets continued to deteriorate Friday. Ethereum took off 6.8% and Solana fell by 7.7%. As per the data presented by Cambridge Centre for Alternative Finance, “the Central Asian country constitutes 18% of the bitcoin network’s management power.” Several crypto miners absconded China from neighboring Kazakhstan over Beijing’s prohibition on virtual currency mining. As per the reports, “the internet liquidation in Kazakhstan took as much as 15% of the network offline.”