What are the reasons for the decline in the price of Bitcoin and other cryptocurrencies
Bitcoin, the world's largest cryptocurrency, has lost more than 40 percent of its value since hitting a record high in the first half of November, when the exchange rate at that time hit $69,000.
Since the end of September 2020, bitcoin has experienced fluctuations in the exchange rate, reaching its lowest level last Friday at less than $41,000.
Other digital currencies also witnessed a decline in their value, as the value of Ethereum, the second largest cryptocurrency, fell by more than 4 percent within 24 hours, as the exchange rate reached $3,100, after it was $3,800.
Some indicated that this decline came in the wake of the publication of the US Federal Reserve's papers to raise the bank interest rate, while others indicated that the reason for the decline was due to the political turmoil that Kazakhstan witnessed this week.
It is noteworthy that Kazakhstan mines 18% of bitcoin, due to the relatively cheap cost of electricity.