Bitcoin dropped in value from $47,000 to less than $42,000 per digital coin this week. This drop occurred after minutes from a meeting of the Federal Reserve suggested it may raise interest rates. The political events in Kazakhstan have also raised concern about the network’s abilities.
Because bitcoin is decentralized and global in nature, a rise or fall in price is difficult to attribute to a single cause, however, the release of the Federal Reserve’s December meeting notes has been pointed to as a factor. The meeting notes suggest that interest rates may be raised sooner than expected and that America’s central bank may sell off some of its assets. This could have caused investors to pursue less risky assets. The political events in Kazakhstan could also have an effect on the prices as a large amount of the world’s bitcoin mining occurs in Kazakhstan.
Read more: Bitcoin prices fall to lowest in months after US Fed remarks
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