Bitcoin price hits lowest since September
Bitcoin is more than 30% lower than its all-time high of $69,000
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The bitcoin slump continues with the price below $43,000 per coin.
That is more than 30% lower than its all-time high of $69,000 reached in November.
Bitcoin is down four of the past five days. The decline, picked up speed this week after the minutes from the Federal Reserve's last meeting were released that showed officials are eyeing a faster timetable for raising interest rates this year.
The uprising taking place in Kazakhstan is having an effect on the cryptocurrency market.
The global computing power of the bitcoin network has dropped sharply as that nation's internet was shut down, having an impact of the country's fast-growing cryptocurrency mining industry, according to Reuters.
Last year, Kazakhstan became the world's second-largest center for bitcoin mining after the United States, according to the Cambridge Centre for Alternative Finance.
Bitcoin and other cryptocurrencies are created or "mined" by high-powered computers, usually at data centers in different parts of the world.
GAMESTOP SHARES SURGE ON PLANS TO ENTER NFT AND CRYPTOCURRENCY MARKETS
In other crypto news, GameStop Corp. is creating a division that moves it into the cryptocurrency market.
It is launching a division to develop a marketplace for nonfungible tokens (NFTs) and establish cryptocurrency partnerships, according to the Wall Street Journal.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 27.27 | -1.78 | -6.13% |
GameStop declined to comment.
The video game retailer is undergoing a revamp, with executives from companies, including Amazon, coming on board to turn GameStop away from brick-and-mortar and toward e-commerce.
The company is asking select game developers and publishers to list NFTs on its marketplace when it launches later this year, the WSJ report said.
AMC CEO CLARIFIES CRYPTO PAYMENT PLAN
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT | 4.98 | +0.19 | +3.88% |
Additionally, AMC CEO Adam Aaron said the theater chain is on track to begin accepting cryptocurrencies in the first quarter, possibly March.
CLICK HERE FOR FOX BUSINESS' REAL-TIME CRYPTOCURRENCY PRICING DATA
In other news, crime involving cryptocurrencies hit an all-time high of $14 billion last year, blockchain researcher Chainalysis said on Thursday.
Crypto received by digital wallet addresses linked to illicit activity including scams, darknet markets and ransomware jumped 80% from a year earlier, according to Chainalysis data reported by Reuters.
Financial watchdogs and policymakers are concerned over the use of crypto for money laundering, with some urging lawmakers to grant them greater powers over the industry.
"Criminal abuse of cryptocurrency creates huge impediments for continued adoption, heightens the likelihood of restrictions being imposed by governments, and worst of all victimizes innocent people around the world," Chainalysis said.