Bitcoin had its worst day this month as the coin collapsed nearly 7% in 24 hours. At the end of the day, Bitcoin was able to recover to a 3% down but it is still unstable.
As Russia and Vladimir Putin declare war over Ukraine all the Stocks, Crypto and commodities depreciated in a significant amount. The War will bring more unstable to the world economy which will make a great impact on Cryptocurrencies as well.
However, following Bitcoin, Ethereum also collapsed nearly 5%. However, as the geopolitical issue converted into a war recently. The market can collapse more at any time. As the European region tries to join with Ukraine thus the United Nations security council was called as soon as possible to take action.
So new actions will be taken tomorrow which will make a great impact on the war. So the Market is as dangerous now as Ukraine’s Russian border. Traders and investors should hold their money to survive. Selling might cause great havoc.
Furthermore, there is another reason for the Bitcoin crash as the Bitcoin miners have moved around. As the Russian and Ukraine war reaches, Many Bitcoin miners live in neighboring countries to Russia and Ukraine. Specialty in KAZAKHSTAN.
So the Kazakhstan Government said Many Bitcoin miners have moved 30% of their equipment out of Kazakhstan. So this case also has made an impact on Cryptocurrency price fall. Furthermore, Alan Dorjiyev,
The President of the National Association of Blockchain and Data Center Industry of Kazakhstan said there is a reason behind this. He told that this move was taken by Bitcoin miners due to electricity shortages and the sudden tax hikes.
After China banned Cryptocurrency mining Kazakhstan became the main place of Cryptocurrency Miners. With the countries, the power supply crashed suddenly it made a great impact on miners. To handle the situation the government imported electricity from Russia and shut down legal mining farms.
So now it seems the government is going to impose a tax on miners an amount of 10 tenges, $0.02 per Kilowatt-hour (kWh) from domestic generated energy and 5 tenges from kWh on imported electricity.
So many have moved away from Kazakhstan. So what will be the next home for miners? Many suggest El Salvador will be great or some cold places like Scandinavian countries like Ice land.
