DappRadar has just released a Behavior Report, pointing to Ukraine and Russia’s big uptick in crypto adoption this year. Overall the report will come as welcome news to market participants who have seen significant market dips to start 2022.
DappRadar Report for Q1 has Ukraine and Russia leading crypto adoption
To sum up, DappRadar’s latest Behavior Report focuses on Q1 2022. In particular, how crypto users have reacted to the global events taking place in this early part of the year.
The uncertainty and fear stemming from Russia’s invasion of Ukraine have obviously had a devastating effect on people in those two countries. What’s more, that sentiment has touched many aspects of life for people around the world. Evidently, both the crypto and traditional markets are no different.
Indeed, the DappRadar report points to the fact Russia’s invasion of Ukraine has caused a spike in the prices of oil and other commodities. In contrast, the situation has led to prices crashing in financial markets. This is due to a general sense of fear causing sell pressure.
However, it is these same sentiments, and rampant inflation in Q1 2022, that have driven many countries to crypto. DappRadar specifically refers to the adoption of stablecoins and Bitcoin. As a matter of fact, DappRadar points to a study by Gemini, which shows that countries with higher inflation rates are more likely to adopt cryptocurrencies.
This is where Ukraine and Russia come in. Cryptocurrency has played a significant role in both countries throughout the conflict. Ukraine has been able to raise huge amounts of money through donations of crypto and NFT sales. Russia on the other hand, saw Ruble/Bitcoin exchanges surge following international sanctions on the country.
With that said, this behavior actually predates the current conflict. To that end, DappRadar points out that, even before the war, Ukraine (12.73%) and Russia (12%) led countries with higher crypto adoption rates
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