{"id":480436,"date":"2022-01-05T13:43:56","date_gmt":"2022-01-05T13:43:56","guid":{"rendered":"https:\/\/wncen.com\/?p=480436"},"modified":"2024-06-11T10:00:02","modified_gmt":"2024-06-11T10:00:02","slug":"could-kazakhstan-turmoil-cause-another-bitcoin-hash-crash","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/could-kazakhstan-turmoil-cause-another-bitcoin-hash-crash\/","title":{"rendered":"Could Kazakhstan Turmoil Cause Another Bitcoin Hash Crash?"},"content":{"rendered":"

Violent protests have poured into the capital of Kazakhstan in an outraged response to sharp fuel rate hikes. For citizens of the central Asian country, the government has resigned and a state of emergency has been declared in the nation’s capital. But for the rest of the world, the turmoil has taken a chunk out of Bitcoin’s hash rate<\/a>, prompting fears of another “hash crash.”<\/p>\n

Kazakhstan Internet Blackout Has Big Impact On Hash Rate<\/h2>\n

Back some six months ago, China began banning Bitcoin mining in the region once known to account for almost two-thirds of the blockchain network’s hash rate.<\/p>\n

Hash rate is the measure of computational power miners are producing en masse. When a substantial portion of its power is removed, hash rate plummets and price tends to follow<\/a>.<\/p>\n

Related Reading | 2022: The Year The Secular Bitcoin Bull Run Could End<\/a><\/strong><\/em><\/p>\n

And that’s what is happening once again due to a massive internet blackout, potentially put in place by the nation’s government to limit the coverage protests are currently receiving. Protests have spilled into Kazakhstan’s capital. Several government facilities and even the President’s home have reportedly been set ablaze<\/a>.<\/p>\n

The unrest is due to the government’s removal of fuel price control policies, which caused gas prices to increase two-fold since the start of the year.<\/p>\n

\"glassnode-studio_bitcoin-mean-hash-rate\"<\/p>\n

The Bitcoin hash rate has taken a big hit in 24 hours | Source: Glassnode<\/a><\/pre>\n
Will Bitcoin Price Follow And Free Fall Along With The Network?<\/h2>\n
While the focus on the price of gas and the resulting protests are rightfully the focus of Kazakhstan, cryptocurrency investors might be particularly interested in the situation as well, due to Kazakhstan’s large share of the Bitcoin hash rate.<\/p>\n
The country currently accounts for around 18% of the network’s hash rate, which has recently reached new all-time highs. The Bitcoin hash rate started 2021 setting new all-time highs and price followed. When the hash rate collapsed due to the China ban, price again followed. What will happen next with a major outage in Kazakhstan already underway?<\/p>\n
\"BTCUSD_2022-01-05_14-29-02\"<\/p>\n
The good news and the bad news in one chart | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Given the size of China’s contributions to the hash rate versus Kazakhstan, it is clear that the network itself will recover.<\/p>\n
Related Reading | Bitcoin Falls Flat: Examining A Rare Bull Market Corrective Pattern<\/a><\/strong><\/em><\/p>\n
But Bitcoin price is currently grinding along support that’s been repeatedly tested for nearly a month straight, during some of the most negative sentiment the cryptocurrency market has seen since Black Thursday in 2020.<\/p>\n
Could the situation in Kazakhstan simply be the start of the dominoes starting to fall once again for Bitcoin?<\/p>\n
Follow <\/i><\/b>@TonySpilotroBTC on Twitter<\/i><\/b><\/a> or join\u00a0<\/i><\/b>the TonyTradesBTC Telegram<\/i><\/b><\/a> for exclusive daily market insights and technical analysis education<\/i><\/b>. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n
Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Violent protests have poured into the capital of Kazakhstan in an outraged response to sharp fuel rate hikes. For citizens of the central Asian country, the government has resigned and a state of emergency has been declared in the nation’s capital. But for the rest of the world, the turmoil has taken a chunk out of Bitcoin’s hash rate, prompting fears of another “hash crash.” Kazakhstan Internet Blackout Has Big Impact On Hash Rate Back some six months ago, China began banning Bitcoin mining in the region once known to account for almost two-thirds of the blockchain network’s hash rate. Hash rate is the measure of computational power miners are producing en masse. When a substantial portion of its power is removed, hash rate plummets and price tends to follow. Related Reading | 2022: The Year The Secular Bitcoin Bull Run Could End And that’s what is happening once again due to a massive internet blackout, potentially put in place by the nation’s government to limit the coverage protests are currently receiving. Protests have spilled into Kazakhstan’s capital. Several government facilities and even the President’s home have reportedly been set ablaze. The unrest is due to the government’s removal of fuel price control policies, which caused gas prices to increase two-fold since the start of the year. The Bitcoin hash rate has taken a big hit in 24 hours | Source: Glassnode Will Bitcoin Price Follow And Free Fall Along With The Network? While the focus on the price of gas and the resulting protests are rightfully the focus of Kazakhstan, cryptocurrency investors might be particularly interested in the situation as well, due to Kazakhstan’s large share of the Bitcoin hash rate. The country currently accounts for around 18% of the network’s hash rate, which has recently reached new all-time highs. The Bitcoin hash rate started 2021 setting new all-time highs and price followed. When the hash rate collapsed due to the China ban, price again followed. What will happen next with a major outage in Kazakhstan already underway? The good news and the bad news in one chart | Source: BTCUSD on TradingView.com Given the size of China’s contributions to the hash rate versus Kazakhstan, it is clear that the network itself will recover. Related Reading | Bitcoin Falls Flat: Examining A Rare Bull Market Corrective Pattern But Bitcoin price is currently grinding along support that’s been repeatedly tested for nearly a month straight, during some of the most negative sentiment the cryptocurrency market has seen since Black Thursday in 2020. Could the situation in Kazakhstan simply be the start of the dominoes starting to fall once again for Bitcoin? Follow @TonySpilotroBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":480443,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,4524],"class_list":["post-480436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt"],"acf":[],"yoast_head":"\nCould Kazakhstan Turmoil Cause Another Bitcoin Hash Crash?<\/title>\n<meta name=\"description\" content=\"Violent protests have poured into the capital of Kazakhstan in an outraged response to sharp fuel rate hikes. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Could Kazakhstan Turmoil Cause Another Bitcoin Hash Crash?","url":"http:\/\/wncen.com\/news\/could-kazakhstan-turmoil-cause-another-bitcoin-hash-crash\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/could-kazakhstan-turmoil-cause-another-bitcoin-hash-crash\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/bitcoin-kazakhstan-crypto-iStock-530825398.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/bitcoin-kazakhstan-crypto-iStock-530825398.jpeg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","xbt"],"dateCreated":"2022-01-05T13:43:56Z","datePublished":"2022-01-05T13:43:56Z","dateModified":"2024-06-11T10:00:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Could Kazakhstan Turmoil Cause Another Bitcoin Hash Crash?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/could-kazakhstan-turmoil-cause-another-bitcoin-hash-crash\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/could-kazakhstan-turmoil-cause-another-bitcoin-hash-crash\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/01\\\/bitcoin-kazakhstan-crypto-iStock-530825398.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/01\\\/bitcoin-kazakhstan-crypto-iStock-530825398.jpeg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\"],\"dateCreated\":\"2022-01-05T13:43:56Z\",\"datePublished\":\"2022-01-05T13:43:56Z\",\"dateModified\":\"2024-06-11T10:00:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/bitcoin-kazakhstan-crypto-iStock-530825398.jpeg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/480436"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=480436"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/480436\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/480443"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=480436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=480436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=480436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}