WASHINGTON (Pakistan Point News / Sputnik - 06th January, 2022) The price of the leading cryptocurrency Bitcoin dropped sharply by more than four percent amid civil unrest in Kazakhstan - the second largest Bitcoin mining country in the world, data from the cryptocurrency platform Coinbase showed.
Bitcoin's price dropped by more than $3,000 from the day's high shortly after 2:30 p.m. ET (19:30 GMT) amid mass protests in Kazakhstan, which mines 18.1% of the world's Bitcoin, according to Cambridge University estimates.
The protests in Kazakhstan began at the very beginning of January over the increases of the price of electricity, but the protests escalated and led to clashes with security forces on Tuesday and Wednesday. The police used tear gas and stun grenades to disperse the rioters.
The internet was briefly turned off throughout Kazakhstan and a number of tv stations stopped broadcasting.
Kazakhstan ranks second in the world behind the United States in terms of Bitcoin mining, with Russia following in third place at 11.2% of the mining share.
