Bitcoin (BTC) plunged to a low of just under $45,000 since midnight last night, before rising again to trade at $43,748 as this article was written.
From a record daily high of $47,078 overnight, BTC fell more than 9% to a low of $42,566 inviting panic among investors.
What happened?
This tragic shrinkage seems to have something to do with the crisis in Khazakhstan.
Residents in the country are reported to have rioted following the kingdom's decision to increase oil prices at twice the previous price.
Due to this, the government has acted to shut down the internet's reach, causing all activities in the series to crash and shrink by more than 2%.
At the same time, bitcoin bubble activity was forced to be suspended leading to a sharp drop in hashrate of over 13% from a record high of 194 EH/s to a low of 168 EH/s.
This may seem minor but Kazakhstan dominates as much as 18% to 21.9% of the global hashrate for the bitcoin bubble.
Meanwhile in the United States (US), the FOMC agreement formulates to reduce financial disclosures and increase profit levels this year.
The decisions taken also gave a negative impression on the stock market, including crypto.
The drop in Bitcoin price led to the poor performance of the altcoins market, almost all the top 10 cryptocurrencies fell by more than 6%-9% in 24 hours.
