Bitcoin has continued to decline since the beginning of trading in 2022, so the cryptocurrency opened the new year at levels of $ 46,000, to fall strongly during the first 10 trading days of 2022, and touched levels of $ 39,000 during trading yesterday, Monday, January 10, which is the lowest level that the currency reached. The largest cryptocurrency by market capitalization since trading last August, according to CNBC.
Bitcoin was not the only cryptocurrency that fell, as Ethereum, which is the second largest cryptocurrency by market capitalization, has also fallen since the beginning of the new year.
Ethereum had fallen from $3,677, to touch $2930, the lowest levels it had reached since last August.
In addition, Dogecoin declined by more than 16.5% during the past 7 days and traded near 0.137 levels, which is the lowest level for Dogecoin since last December.
Kazakhstan contributes to the decline of the cryptocurrency
Kazakhstan has witnessed several demonstrations over the past few days, which contributed to further pressures on cryptocurrencies.
Kazakhstan accounts for regarding 20% of bitcoin mining operations globally, behind America, which ranks first in the world in bitcoin mining operations.
There are 146 companies working in the field of digital and cryptocurrency mining, 53 of which are in the mining field, 82 of them are specialized in starting mining and the remaining 11 focus on infrastructure.
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