Which crypto exchanges do Russians choose?
Cryptocurrency exchange Deribit has announced its departure from Russia. The share of Russian traffic on the platform has decreased, but remains high.
We tell you which crypto exchanges were the most popular in the Russian Federation and what happened with trading activity in February.
Which crypto exchanges did Russians use in February
Throughout February, Russians remained among the active users of crypto exchanges. This is evidenced by data from the latest report by Chinese crypto journalist Colin Wu and his service WuBlockchain
Bybit remains the most popular platform among Russian residents. Last month, Russians accounted for up to 29% of the total traffic of the trading platform. Russians became the most active users of this crypto exchange.
Deribit is in second place in terms of visits from Russian users – 10%. HTX in the Russian Federation accounted for 8%, and KuCoin – 5%.
Earlier, Deribit announced that it was blocking Russian users due to sanctions from Europe. The crypto exchange demanded that all positions be closed and funds withdrawn by March 29. Compared to January, the share of Russians in Deribit's total traffic dropped by 3%.
Global trends
In February, traffic to crypto exchange sites was 20% lower than in January. This is likely due to the ongoing decline in the crypto market, which is causing traders and investors to lose interest.
The worst results for the last month were recorded on KuCoin. The trading platform's traffic fell by 62%. Upbit and Coinbase lost 35% and 29%, respectively. Bybit, which suffered a major $1.5 billion hack, saw its traffic fall by 27%.
Meanwhile, traffic on HTX jumped by 45%. Positive dynamics in traffic were also noted by OKX (+15%) and Bitget (+6%).
The situation on the spot and derivatives markets
In February, the total trading volume on major CEXs fell by 21%. This is due to a correction in the crypto market.
The most noticeable decline was recorded by analysts on Crypto.com and Kraken. Trading volumes on the spot market of these platforms fell by 29% and 27%, respectively. On the Korean crypto exchange Upbit, the indicator fell by 46% over the month.
Some crypto exchanges saw an increase in trading volumes, with Bitfinex and MEXC standing out, adding 14% and 3%.
The situation is similar in the derivatives market. Compared to January, trading volumes in February fell by 17%. The worst performers were Crypto.com (-27%), Kraken (-26%) and KuCoin (-25%).
Meanwhile, the top three leaders in terms of growth included MEXC (+7%) and Gate.io (+4%).
Источник: cryptocurrency.tech
