Cryptocurrency trading in Russian rubles on major cryptocurrency exchanges decreased by 50%.
BNN Bloomberg reported that, according to data from blockchain analytics firm Chainalysis, Russian citizens are expected to turn to crypto against the sanctions, while the volume on crypto currency exchanges is expected to increase. 50 percent reported to be in decline. Also, according to Chainalysis, trading cryptocurrencies in rubles will start on Feb. 70.7 million dollars, while on March 3 only 34.1 fell to millions of dollars.
Commenting on the rise on CNBC’s “Capital Relation” on March 1, senior investor Mark Mobius said that this rise that Russians could be tied to buying cryptocurrencies had said. However, according to the latest data, this was not the case. It is thought that Russian citizens started to withdraw their money, thinking that crypto money exchanges will also impose sanctions.
Speaking to Bloomberg, Citigroup analyst Alexander Saunders said, “Russian transactions in cryptocurrencies have decreased relatively.” said.
The EU and the United States are investigating sanctions on digital assets, despite the recent recognition that Russia is not turning to cryptocurrencies. Recently, the state of New York increased its Blockchain research to prevent Russia from benefiting from crypto.