New Delhi: Cryto markets the world over, after going into a tailspin during the weekend, revived to a large extent on Tuesday. The digital currencies bounced back strongly, recouping losses in a weekend selloff sparked. Bitcoin, the biggest cryptocurrency by market value, recovered by over 7%.
The main catalyst behind the slump in digital currencies was renewed signs of a Chinese crackdown on the emerging sector.
Bitcoin rebounded by almost 7% at about $37,600, erasing Monday’s losses of 7.5%. Though, it still has to cover long ground before reaching its record high of last month, but it’s a welcome move.
Ethereum, the second-largest cryptocurrency, jumped nearly 19% to $2,491, after dropping over 8% on Sunday to near a two-month low.
Russian markets in jubilant mood
The cryto market, especially in Russia, showed strong rally. Almost, all the digital currencies were trading in green, thereby eliminating all the doom and gloom from the markets.
Elated over the rebound in crypto trade, Russian markets shared a screenshot of digital currencies trading and captioned, “What a beautiful day!”
What a beautiful day! pic.twitter.com/mXpmLR7PaU
— Russian Market (@Russian_market) May 25, 2021
Russia commands 3rd biggest Bitcoin mining in the world
Russia is one of the key countries where cryto currency adoption is booming. Two of the biggest sectors in Russia that fuel the crypto environment is mining and trading.
“Russia owned the third biggest BTC mining power (hashrate) in the world: 6.9% comes from Russia as of April 2020,” a study quoting Cbeci.org said.
How to buy Crytocurrency in Russia
53% of 23,000 crypto users in Russia believe that crypto can replace bank deposits in the future, said a survey carried out by Binance.
Bank of Russia also released a directive stating that non-qualified investors can only buy 600,000 rubles (equivalent to $7,950) worth of cryptocurrencies in a year.
Buy Bitcoin from Bitcoin ATMs
If you are opting to buy Bitcoin via a crypto exchange, the first option that you could consider is Matbea. The exchange is located in Russia and allows users to buy Bitcoin directly with rubles.
There is also an option of buying Bitcoin via a Bitcoin ATM. According to Coin ATM Radar, there are over 50 Bitcoin ATMs in the Russian Federation. Moscow is currently home to five of such machines.
