Bitcoin continues to hang on at $36,000. Today morning, (January 26) the Bitcoin price fell 0.50% to $36,887.06.
Bitcoin continues to face downward pressure after U.S. stock markets continue to fall. Especially the NASDAQ is experiencing a big downturn since the beginning of the year with -13.5% YTD. The S&P 500 is down -8.6%. In addition, the Ukraine conflict is weighing heavily on market sentiment at the moment. According to President Biden, U.S. troops are ready to take off for Ukraine.
Yesterday there was also more negative news from Kazakhstan the main bitcoin mining country. Hours of power outages have led to chaos in the country. In the past, Bitcoin farms have been accused of consuming too much energy.
At the time, Kazakhstan was in a heated state with protests against the government leading to a brutal crackdown. This led to a shutdown of internet communications across the country, which inevitably had an impact on the cryptocurrency mining industry.
Now the government officials of Kazakhstan have announced that the situation in the country will soon return to normal. and the government began to put new hopes that crypto miners will return to local farms.
The conflict situation in Kazakhstan arose after the government announced an increase in the price of natural gas and other fuels, which led to massive protests throughout the country.
The Spot Market is Open
Wednesday, January 26, 2022