By passing the restrictions imposed by the West, Russia has now decided to explore its digital assets niche. Reportedly, Binance has exited the country, the only friend in isolation. This crypto boom 2024 could possibly shape the digital future of Russia.
What’s in for Russia now?
Binance Backs Out, High Storm Anticipated
As Binance backs out from the Russian market, a real rush for digital gold can be seen. Users were unhappy and desperately needed to find new homes for their valuables. In its most recent report, the Bank of Russia clearly describes this forced migration.
The decentralized crypto exchange (DEX) Binance has drastically fallen in a quarter, slipping from 47% to a mere 16%. On one hand, this has devastated the traders but on the other hand, this step has rejuvenated the sector.
Cryptocurrency exchanges are, in fact, more successful than before.
Heading Towards Victory –
- In just six months, there has been a 16.4% increase in traffic on exchanges, peer-to-peer platforms, and other over-the-counter businesses.
- The surge in cryptocurrency valuations (Bitcoin, Ethereum, Dogecoin, Solana, etc.) that correspond with this excitement suggests that Russians are becoming increasingly interested in these digital assets.
- A crowd of regional rivals have risen to fill the gap that Binance left.
- The traffic share of five anonymous exchangers has increased dramatically, rising from 39% to 64%. This huge growth indicates that these upstarts effectively capture the hearts of people looking for new platforms.
So, was Charles Hoskinson right about the future of Binance in the crypto industry?
The Rise Of Digital Rubles
Interestingly, as per the updates, the number of unique users of crypto platforms has touched the skies with netizens exploring new areas to enhance their investments. The flow of cryptocurrencies is increasing, starting from Tether to USD Coin to Ethereum and Bitcoin. The amount of transactions during this term has increased by 15.6% to 4.5 trillion rubles or almost 51 billion dollars.
However, the benefits of being a crypto investor come with the risk of being one. This industry is highly susceptible to fraud, making it very important to exercise precautions while doing crypto trading from anywhere in the world. To cite an example, recently, Beribit, a platform linked to a Ukranian oligarch disappeared completely from the market after taking almost $4M of its users.
Conclusion –
Even though the backing out of Binance has shaken the crypto market as a whole, still this whole situation is not completely negative. As Binance backs out, new players have stepped into the game and have potentially increased user activity as well.
Therefore, what cryptocurrency has for Russia is something the world has an eye on!
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Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
