What's Hot

    Father’s Day – Stepping into father’s shoes

    June 18, 2022

    4 Expert-Backed Strategies for Managing Anxiety

    April 15, 2022

    Boris Johnson slams Russia’s ‘despicable attacks’ on Bucha citizens

    April 4, 2022

    UK could open seven new nuclear power stations to reduce Russian oil dependence

    April 4, 2022
    Facebook Twitter Instagram
    Facebook Twitter Instagram LinkedIn
    United Business OutlookUnited Business Outlook
    NOMINATE FOR AWARDS
    • Home
    • Top Global News
    • INFO-TECH
      1. Social Media
      2. How-To
      3. Computer & Laptops
      4. Mobile & Tablets
      5. Gadgets
      6. View All

      5 Best Video Editing Apps For Social Media

      March 30, 2022

      Social Media Strategies To Follow

      March 15, 2022

      WeChat: What You Need To Know

      March 7, 2022

      Social Media Content You Need to Create.

      February 5, 2022

      Things to know before starting a business with friends

      March 25, 2022

      How to get a job in the finance industry

      March 2, 2022

      How modern technology helping us solve problems

      February 28, 2022

      Legal requirements to start a business

      February 28, 2022

      Cloud computing basics

      March 9, 2022

      OnePlus 10 Pro- The launch we are waiting for!

      March 29, 2022

      The most valuable brands in 2022

      March 14, 2022

      How modern technology helping us solve problems

      February 28, 2022

      Huawei launches Smart Glasses with Detachable Front Frame along with MateBook X Pro.

      December 25, 2021

      Father’s Day – Stepping into father’s shoes

      June 18, 2022

      4 Expert-Backed Strategies for Managing Anxiety

      April 15, 2022

      Boris Johnson slams Russia’s ‘despicable attacks’ on Bucha citizens

      April 4, 2022

      UK could open seven new nuclear power stations to reduce Russian oil dependence

      April 4, 2022
    • Markets
    • Crypto
    • Funding
    • More
      • Retail
      • Entrepreneurs
      • Automotive
      • Healthcare
      • Industries
      • Technology
      • Companies
        • Apple
        • SamSung
      • Fintech
      • Marketing
      • Real Estate
      • Sales
    United Business OutlookUnited Business Outlook
    Home»Crypto»Bitcoin crashes after US federal remarks

    Bitcoin crashes after US federal remarks

    Anjali SinghBy Anjali Singh2 Mins Read Crypto January 10, 2022
    Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit WhatsApp Email
    Bitcoin crashes after US federal remarks@unitedbusinessoutlook.com
    Source : MarketWatch
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Bitcoin prices have plunged to their lowest level in months as a result of statements from the US Federal Reserve.

    The value of the digital coin has dropped from $47,000 (£34,700) earlier this week to under $42,000 (£31,000). It comes after minutes from a Federal Reserve meeting that revealed the central bank was considering raising interest rates. As a result of recent political changes in Kazakhstan, concerns about the network’s capacity have been highlighted.

    Bitcoin crashes after US federal remarks@unitedbusinessoutlook.com
    Source : Fortune India

     

    Due to Bitcoin’s global and decentralized nature, it’s impossible to ascribe a price increase or decrease to a single reason. The release of the Federal Reserve’s December meeting notes, however, has been cited by numerous experts as one explanation.

    The Federal Reserve of the United States may hike interest rates sooner than expected and sell some of its assets, according to the minutes.

    This might have had a knock-on effect, leading to regular investors abandoning Bitcoin in favor of less risky assets. At the same time, Kazakhstan hosts a significant portion of the world’s Bitcoin mining – the mechanism by which transactions are confirmed and new “coins” are created. Kazakhstan accounts for 18 percent of the Bitcoin network’s hash activity, experienced a statewide Internet outage, causing BTC’s hash rate to decrease by 13.4 percent and its value to plummet.

    This week, political upheaval erupted in the vast Central Asian country, as citizens flocked to the streets to protest rising fuel costs. Officials labeled demonstrators “rioters” after they seized buildings in Almaty, the country’s largest city, resulting in fatalities.

    Kazakhstan is expected to handle nearly a fifth of all Bitcoin “mining,” as the process is known, thanks to its typically low electricity costs. A recent internet outage seems to have damaged the processing power of the whole Bitcoin network.

    The value of other crypto-currencies has also dropped. Ethereum’s price dropped from around $3,800 on Wednesday to a little under $3,200 on Friday.

    “We’re seeing broad risk-off sentiment across all markets today,” Stack Funds’ Matthew Dibb told Reuters, “as inflationary concerns and rate hikes appear to be at the forefront of speculators’ minds.”

    “In the short term, there is a risk of a fall back to the mid-30s,” he added.

    Cryptocurrencies, particularly Bitcoin, continue to be punished.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleHysteresis Effect: Persisting Inflationary tendencies in the US economy
    Next Article No roaming charges for Virgin Mobile and O2 users
    Anjali Singh
    • Tumblr

    I'm Anjali Singh. Writing is what I do. I look out for opportunities where I can learn and grow. I'm a creative and witty person. I'm quite artistic & I admire the art of different forms.

    Related Posts

    Boris Johnson slams Russia’s ‘despicable attacks’ on Bucha citizens

    April 4, 2022

    UK could open seven new nuclear power stations to reduce Russian oil dependence

    April 4, 2022

    Tesla: Despite obstacles, Tesla produces a record number of automobiles

    April 4, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    advertisement@unitedbusinessoutlook.com

    United Business Outlook Is An Online Magazine Providing Comprehensive Coverage And Analysis Of International Businesses From All Industries.

    We're social. Connect with us:

    Facebook Twitter Instagram YouTube LinkedIn
    Top Global News

    Boris Johnson slams Russia’s ‘despicable attacks’ on Bucha citizens

    April 4, 2022

    UK could open seven new nuclear power stations to reduce Russian oil dependence

    April 4, 2022

    Tesla: Despite obstacles, Tesla produces a record number of automobiles

    April 4, 2022
    Get Informed

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2023 United Business Outlook | A Venture by Famezop Media.
    • Home
    • Get In Touch
    • Our Authors
    • Privacy & Policy

    Type above and press Enter to search. Press Esc to cancel.