The Rouble fell to record lows yesterday, raising worries of a banking collapse.
According to the statistics, the fastest-growing wallets have considerable balances.
Western sanctions have targeted Russia’s government and the rich elite, and the number of blockchain wallet addresses containing more than 1,000 bitcoin (approximately $43 million) has risen on Monday. Data from monitoring site Coin Metrics shows that on February 28, there were 2,226 active wallets, an increase of over 5 percent from the previous day. Not since June 2021 has it risen to such an unprecedented level. According to Coin Metrics, the overall number of addresses storing more than 100 bitcoins has increased as well, although more marginally, from 15,953, a 1.3% gain.
Noteworthy Growth
Bitcoin addresses with more than $1,000 in bitcoins, $10,000, $100,000, $1 million, and $10 million have all seen a tiny but noteworthy growth in the number of addresses. However, according to the statistics, the fastest-growing wallets have considerable balances.
It’s not apparent what’s behind the surge in oil price. According to Cake, DeFi chief executive officer Julian Hosp’s tweeted that might indicate that a group of individuals with significant money suddenly have great interests in bitcoin, or it might be due to a realignment of exchanges or custodial services.
Other Twitter users have speculated that affluent Russians, fearful about the effect of sanctions on their wealth, may have contributed to the rise in the number. Following Russia’s invasion of Ukraine on February 24, sanctions were imposed, and the Rouble fell to record lows yesterday, raising worries of a banking collapse. According to CoinMarketCap, the Bitcoin price today is $43,380.43 USD with a 24-hour trading volume of $38,496,604,672 USD. Bitcoin has been up 12.67% in the last 24 hours.