What does the global energy crisis have to do with crypto markets?
There’s no denying that the world is currently facing an unprecedented energy crisis, one that has compounded severely in the aftermath of the COVID-19 pandemic so much so that countries across the globe — especially across Europe and North America — are witnessing severe shortages and steep spikes in the price of oil, gas and electricity.
Due to the ongoing Russia-Ukraine war, limited gas supplies have caused the price for essential commodities such as fertilizer to skyrocket. It has also led to a greater use of coal and other natural resource. Europe saw a 14% increase in coal consumption last year. This is expected to continue. Increase by an additional 17% By 2022.