Cryptocurrencies gained ground following a steep sell-off on Thursday when around $150 billion were wiped off the market after Russia invaded Ukraine.
Despite the recent market events sparked by the Russia-Ukraine conflict, which also made the global stock fall sharply, the cryptos’ latest movement can be attributed to another event. Crypto miners in Kazakhstan have decided to relocate amid power shortages and price hikes. The miners have moved out 30% of their equipment and are speculated to set camp at El Salvador, Dubai, Iceland, and other regions with cold climates.
According to data from Coindesk, Bitcoin was trading about 9.4% higher, at $38.709. It fell to $34,338 on Thursday. Popular meme coins such as DogeCoin, was also on the green side, rising 10.19%.
Sources: cnbc.com, coindesk.com, coinquora.com
