Russia sees interest in crypto Telegram channels fall

Experts attribute this to the decline in the rate of bitcoin

12.10.2022 - 14:15

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2 min

What’s new? Representatives of the company for the launch and development of Telegram platforms in the Russian-speaking segment CPA (Crypto Provider Agency) noted that the average daily audience of channels dedicated to cryptocurrencies and non-fungible tokens (NFTs) decreased by 38% from late February to September. Experts studied more than 100 of the largest channels on the platform and emphasized that the sharp decline in interest in digital assets occurred in early May. They attribute it to the collapse of the bitcoin rate to $28 000, RBC reports.

Information on the RBC website

What else do the experts say? Analysts noted that in 2021 and early 2022, most of the new audience represented beginners to the industry rather than large investors. According to them, the departure of Visa and MasterCard from Russia deprived cryptocurrency exchanges of a huge number of potential new users — those “who were willing to try by exchanging a small amount of fiat funds for cryptocurrency assets.”

Experts believe that the new package of anti-Russian sanctions will only intensify the negative trend. On October 6, the EU authorities completely banned crypto companies from serving users from the Russian Federation, regardless of the amount of assets on their accounts.

According to representatives of CPA, the main factor that will be able to change the situation will be the growth of the bitcoin rate. However, analysts are confident that the value should not be expected to return to the levels of 2021.

As of October 12, 13:15 UTC, BTC is trading at $19 062, having lost 0,39% per day, according to crypto exchange Binance.

Earlier, experts noted a significant increase in deman d for cryptocurrencies and hardware wallets among Russians. The reason for the growth was the announcement of partial mobilization on September 21 and the mass departure of Russian residents abroad that followed. The most popular cryptocurrency became the USDT stablecoin.

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