A new study that covers the period from Ukraine’s war on terror has shown that Russians have lost interest in Telegram channels dedicated to tokens and cryptocurrency. Industry experts behind the study say that bitcoin’s lower valuation and financial restrictions increasingly limiting access to the crypto market are the key reasons.
Telegram Crypto Channels’ Audience Expected to Shrink Further Amid New EU Sanctions on Russia
The popularity of crypto-related channels within Telegram’s messaging platform has declined in recent months. Their average daily audience fell by 38% from February to September according Crypto Provider Agency (CPA), an organization that specializes in creating and launching Telegram platforms for Russian-speaking markets.
The firm’s researchers recently told the Russian news outlet RBC Crypto that general interest in digital currencies dropped sharply in early May, when the price of the leading crypto by market cap, bitcoin (BTC), fell from $39,000 to around $28,000 per coin. After studying more than 100 Telegram channels on cryptocurrencies, they were able establish this.
According to the report, newcomers in cryptospace led to the greatest increase in their audience in 2021-2022. However, the withdrawal of Russian payment processors Visa & Mastercard from Russia in response to Western sanctions on Ukraine’s invasion resulted in a significant reduction of access to wallets and exchanges by many users.
CPA noted that this group was ready to experiment with crypto, converting small amounts of fiat. According to the company, the EU’s latest sanctions on Russia which included crypto assets, will only exacerbate this trend. Brussels banned all services related to Russian citizens, residents, and businesses.
Analysts believe that only an increase in bitcoin prices could alter the market. They also claim that even a temporary spike might be enough to spark interest in cryptocurrency markets. But, Crypto Provider Agency stated that it was unlikely to see prices return to 2021 levels.
Many crypto platforms are already complying with new EU sanctions and blocking Russian accounts. They include crypto exchanges, wallet providers, and NFT markets. Russian users have access to major international exchanges that comply with the April penalties package.
Do you think a bullish market could restore Russians’ interest in cryptocurrencies? Comment below to share your opinions.
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