Telegram Witnessing An Interest Decline For Cryptocurrency Channels In Russia

Multiple analysis firms are expecting a decline in the audience for the Telegram cryptocurrency channels after the implementation of EU sanctions on Russia.

It is expected that the audience would continue shrinking due to the sanctions being filed by the European Union on Russia. It is the eighth wave of sanctions that Russia has faced from the EU.

Telegram Channels Losing Audience

One of the most popular messaging applications, Telegram has been losing a great number of users on the cryptocurrency channels.

According to the data, the number of cryptocurrency users on the crypto channels has been leaving for the past few months.

The statistics show that from late February all the way up to September, the users on the Telegram crypto channels have dropped 38%.

The information for crypto channels on Telegram has been shared by the Crypto Provider Agency (CPA). The particular platform is responsible for developing platforms for Telegram for the market speaking Russian.

Withdrawal due to Crypto Downtrend

It was during an interview given by the CPA officials to RBC Crypto, Russian news when the information was shared about the Russian users leaving Telegram.

The significant decline in the user base was recorded right after the trading price of Bitcoin experienced a huge drop.

It was in early May when the price of Bitcoin recorded a sharp decline. In early May, the trading price of Bitcoin fell from a high of $39,000 all the way down to $28,000.

This was a huge decline of up to $11,000 that was recorded in the trading price of Bitcoin. Since then, the users on the Telegram crypto channels have continued withdrawing.

The CPA has confirmed that they did their research on more than 100 channels for cryptocurrencies on Telegram. After carrying out the research, they were able to come up with a particular theory.

Influx of Newcomers

According to the research, they did record a great rise in the audience who joined the particular Telegram channel.

They revealed that it was during 2021 and 2022 when cryptocurrency adoption rose tremendously. The adoption rate was mainly because the new cryptocurrency investors joined the market and did the same for Telegram channels.

The influx of newcomers was because cryptocurrencies gained huge adoption in 2021. The trading price of Bitcoin even rose to a high of $68k, which was a huge jump for the largest cryptocurrency.

Visa and Mastercard have dealt a Huge Blow

The reason why the newcomers in Russia have left the Telegram channels is the sanctions filed by the EU over Russia.

Following the sanctions, Mastercard and Visa have pulled out from providing services in Russia. This is a huge letdown for the cryptocurrency community based in Russia.

Several cryptocurrency exchanges have also started pulling out of Russia. Therefore, it is greatly affecting the overall cryptocurrency market.