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Bitcoin Experiences Another Decline

Samantha Mitchell

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BTC Down

Despite having shown signs of improvements, the world largest cryptocurrency in terms of market cap continued to fall over the weekend, coming below the $10,000 mark. As this goes on, the government of Uzbekistan has declared its plans to support the virtual currency.

The Current Fate of Bitcoin

Up to Friday of 23rd February 2018, Bitcoin had shown great potential for improvement after weeks of downfalls and uncertainties. But all that would take a sudden twist on the late night of Saturday, 24th February 2018. Bitcoin, which had surpassed beyond the $10,000 mark earlier, went below it some few minutes to Sunday morning. As of the time this article was done, Bitcoin was priced at $9,464.66. This was after a suffered a loss of $110 having moved from $9,562 just the previous day {Sunday}.

With that just within a period of two days, the price of this once promising virtual currency is not yet at the place market traders would expect it to be. This cannot, however, be compared to its main competitors, Ethereum and Ripple, which are currently valued at $840.80 and $0.91 respectively. Others on the list are Litecoin, which is currently priced at $217.95, Dash, which is priced at $586.44, and XMR, which is currently at $268.85.

Good News Elsewhere

As things seem to continue falling apart in the world of cryptocurrency, there is more good news from the Asian continent. From one of the smallest yet rapidly developing Asian country called Uzbekistan, there are more to smile about especially at this time. After long consultations with the market stakeholders, Uzbekistan will soon join the list of the countries where the Bitcoin technology is embraced and used.

According to a decree that was issued by the country’s head of state, the country has embarked on the process of preparing a law that would be used to regulate the digital coin, Bitcoin to be specific.

Uzbekistan Set to do More

A report later released on the main Bitcoin platform revealed that Uzbekistan, which is located on the central side of Asia, also has arrangements for launching a facility that will deal with the distributed ledger systems. Uzbekistan is one of the countries that have the lowest mining expenses in the entire world. This is due to the fact that this small country is a top producer of electricity. It is just a surprise that nobody appears to have taken an interest in starting the crypto trade in this country.

With all these plans in place, Uzbekistan is set to become one of the senior players in the virtual currency industry. According to a study that was taken recently, Uzbekistan is actually the third best-located country for conducting the cryptocurrency trade. This is of course based on the fact that it has the most reliable source of electricity in the whole world, which is a necessity of crypto mining.

Minting just one Bitcoin would cost the miner $1,790, and this cannot happen when there is no reliable supply of electricity. Because of its reliable source of electrical power, Uzbekistan passes this test.

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