Interest in Russian crypto channels on Telegram is declining, analysis shows – Bitcoin News

Russians have lost interest in Telegram channels devoted to cryptocurrencies and tokens, according to new research covering the period since the start of the war in Ukraine. Industry experts behind the study say that bitcoin’s lower valuation and financial restrictions that increasingly limit access to the crypto market are the main reasons.

Telegram Crypto Channels’ audience is expected to shrink further amid new EU sanctions against Russia

Interest in crypto-related channels on the popular messenger Telegram has waned in recent months. Between the end of February and the end of September, their average daily audience dropped by 38%, according to the Crypto Provider Agency (CPA), a company that specializes in launching and developing Telegram platforms for the Russian-speaking market.

The firm’s researchers recently told Russian news agency RBC Crypto that overall interest in digital currencies fell sharply in early May, when the price of the leading crypto by market capitalization, bitcoin (BTC), fell from $39,000 to around $28,000 per coin . They were able to determine that after studying over 100 leading Telegram channels about cryptocurrencies.

The report further notes that the largest increase in audience for these channels in 2021 and early 2022 was mainly due to the influx of newcomers to the crypto space. But the decision by payment processors Visa and Mastercard to pull out of Russia as part of Western sanctions imposed over the invasion of Ukraine cut off large numbers of users from exchanges and wallets.

These are the people who were ready to try crypto by converting a small amount of fiat, the CPA pointed out. The company now expects that the latest EU sanctions against Russia, which among other things were aimed at crypto-assets, will reinforce the trend. Brussels recently banned the provision of all related services to Russian citizens, residents and companies.

The analysts insist that only a rising bitcoin price can change the situation and claim that even a short-term peak will have the potential to cause a new wave of interest in the cryptocurrency market. However, the Crypto Provider Agency also noted that a return to the levels seen in 2021 is unlikely.

A number of crypto platforms have already started complying with the new sanctions adopted by the European Union last week, blocking Russian accounts. These include cryptocurrency exchanges, wallet providers and NFT marketplaces. At the same time, major global exchanges, including some that complied with the previous penalty package in April, remain accessible to Russian users.

Do you think a bullish market could restore Russians’ interest in cryptocurrencies? Share your thoughts on the topic in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’ quote: “To be a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.