Bank of Russia says that despite the volatility of crypto markets, Russian holdings in centralized exchanges remain worth billions of euros.
According to the latest Bank of Russia report, Russian crypto holdings are still worth billions of dollars despite a decline of nearly 16% compared with March figures. report.
Data from the Russian Central Bank shows that Russians hold $6.8billion worth of cryptos on central exchanges. This represents a drop of 15.8% compared to March. Bitcoin (BTCEthereum () and Bitcoin () are the next most dominant assets, with 69% each.ETHStablecoins are 10% and a stablecoin at 21%.
Central bank officials say that the decline in balances of exchange coincides with a decrease in market activity. They also point out reduced trading volume over recent months.
Russians are active, in one way or another, on the crypto-market. The central bank reported that web traffic in Russia to crypto exchanges grew 56.5%. Russian users represent 7.5% of all global visitors. In Q3, crypto assets linked to Russians investors grew by 18% and reached 4.8 trillion Russian rubles, or approximately $50 billion.
Meme Coins attract new users
Also, the central bank was mentioned meme coins In the report it is stated that, although they have gained popularity, these assets aren’t seen as driving large-scale investments.
“Memecoins and similar mini-apps attract new users to the crypto asset market, but given the market capitalization of these projects relative to the broader crypto market, they do not serve as a significant channel for the inflow of substantial funds from citizens.”
Bank of Russia
MegaFon is one of Russia’s biggest telecom companies. reported An 8% increase in website traffic towards crypto exchanges due to rising Bitcoin price and local regulatory changes. According to the company, this increase is a reflection of a worldwide trend. Web traffic at the 20 largest crypto exchanges increased by 8-10% in November, compared with October.
MegaFon says that in the first two weeks of November, Deribit, HTX, and KuCoin saw a surge in web traffic. Data shows that exchanges including Gate.io Upbit Kraken and others saw their traffic decline during this period.
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Source: crypto.news
