Recent Crypto Rally Had Nothing to do With Sanctions on Russia

This week Bitcoin (BTC) price rallied all the way to $44,000 levels amid reports that the recent U.S. sanctions on Russia were the reason for that. However, new data shows that talks of Russians are evading sanctions via crypto don’t 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. 1 million activity a week ago on February 24. The ruble-denominated crypto activity stood at a record $158 million in 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, Russia’s buying power seems to have little impact on the crypto market. Probably, it could be because of renewed whale buying as reported by Coingape.

Russian volumes have been relatively small so far, suggesting that the price action is more due to investors positioning for an expected uptick in demand from Russia, rather than Russian demand itself. It will take meaningful capital flight to move the needle

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