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The editors of BeInCrypto tried to figure out if the unstable geopolitical situation could provoke an influx of USDT into wallets
In early March, analysts noticed an increase in the volume of wallets with a balance of tether stablecoin from 10,000 USDT to 1 million USDT. Since the beginning of February, the volumes of wallets have been periodically growing and falling, however, since the twentieth of February, the volumes have rapidly gone up, updating the monthly maximum.
As analysts at the Santiment platform suggested, the growth in the volume of USDT wallets may be associated with a potential fall in the price of bitcoin. This is how investors prepare for future purchases. This is also indicated by the decrease in the volume of coins in bitcoin whales (wallets from 100 BTC to 10,000 BTC). Starting from the twentieth of February, the reserves of whales have been steadily declining.
However, it is worth noting that the increase in USDT purchases is relatively closely correlated with the increase in geopolitical tensions, which escalated on February 24. In addition, starting from March 2, Russian President Vladimir Putin banned the export of foreign currency in cash in excess of $10,000 from the country. At the same time, the sanctions pressure on Russia’s largest banks, including Sberbank and VTB, is also increasing.
Read also: What to do if the crypto exchange imposed sanctions: we understand the situation
The fact that it was the CIS market that could be behind the growth in the volume of wallets is also evidenced by activity on exchangers. According to aggregators, the Sberbank > Tether TRC20 (USDT) exchange direction is among the ten most popular. The top three most popular destinations include buying bitcoin through a Russian bank.
Recall that in early March it became known that the Joe Biden administration was negotiating with cryptocurrency exchanges. The US authorities, according to media reports, want trading platforms to stop attempts by Russian banks to circumvent sanctions.
You can read about which cryptocurrency companies have announced sanctions against Russia in a special article by the BeInCrypto editors.
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