Kazakhstan: Bitcoin price slumps amid protests in world's second-biggest mining hub

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Bitcoin price is in decline worldwide as Kazakhstan, the world's second-largest mining hub, is facing major internet disruptions amid the recent protests.

Footage filmed in Nur-Sultan on Friday showed the Astana International Financial Centre and Astana International Exchange, the regulating and financial body of cryptocurrency trading in Kazakhstan. On January 6, Astana International Exchange announced 'the temporary suspension of trading in connection with the conduct of counterterrorism operations by security forces and given the disruption of the Internet.'

The exchange will resume trading as soon as the situation in the country 'stabilises,' they added.

The cryptocurrency has dropped below $43,000 (£37,960), which marked a daily drop of nearly 8.5 percent, as internet and mobile connection was shut down due to fuel price riots and the government's crackdown on protests.

The internet shutdown took approximately 15 percent of world crypto miners offline. Although the connection is occasionally coming back, data from monitoring group NetBlocks Internet Observatory shows that 'connectivity levels continue to flatline at just 5 percent of ordinary levels.'

Unauthorised rallies began in the Mangistau region of Kazakhstan on Sunday after prices for liquefied gas rose from 60 to 120 tenge (€0.12 to €0.24; $0.14 to $0.28) per litre from January 1. The price hike came after the government lifted price controls on liquefied petroleum gas citing a need to liberalise the market.

The country's president Kassym-Jomart Tokayev on Wednesday accepted the resignation of the country's government, which will continue to perform its duties until a new cabinet of ministers is formed. The authorities have also announced restored price caps on liquefied petroleum in response to the unrest.

#Kazakhstan #bitcoin

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