The price of Bitcoin has tumbled to a five-month low.
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 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.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 and establish cryptocurrency partnerships, according to the Wall Street Journal.