Recent Bitcoin Rally Had Nothing to do With Sanctions on Russia, Heres Why - BitcoinEthereumNews.com
BitcoinRecent Bitcoin Rally Had Nothing to do With Sanctions on Russia, Heres Why03 / 04 / 2022बिटकॉइन एथेरियम समाचार Earlier this week, the Bitcoin (BTC) price rallied all the way to $44,000 levels amid reports that the recent U.S. sanctions on Russia were the reason behind it. However, new data shows that talks of Russians are evading sanctions via crypto dont seem to be true. As per data from blockchain analytics firm Chainalysis, the ruble-denominated crypto activity on March 3 stood at $34.1 million. This was 50% down from the $70.1 million activity a week ago on February 24. The ruble-denominated crypto activity stood at a record $158 million in May 2021. Madeleine Kenedy, senior director of communications at Chainalysis said: This is a fraction of the volume that was seen during the all-time highs of Russian crypto trading volume reached May 2021″. Data from Citigroup also shows that the actual Bitcoin buying from Russia just stood at an average of 210 BTC per day. Thus, Russias buying power seems to have little impact on the crypto market. Probably, it could be because of renewed whale buying as reported by Coingape. In the Wednesday report, Citi analysts including Alexander Saunders writes: “Russian volumes have been