Plummeted by 50%! Cryptocurrency trading volumes on Russia's major exchanges hit a precipitous drop

He attributed the recent cryptocurrency rally mainly to rising investor expectations for Russian demand, rather than Russia's own demand.

Financial blog Zero Hedge also points out that actual Russian bitcoin trading volume has been a major disappointment. So far, Russian trading volume has been relatively small in absolute terms, averaging only about 210 bitcoins per day. If you take the market price, 210 bitcoins are worth just $8.6 million, while the average daily trading volume of bitcoin spot is now about $4 billion.

As of writing, Bitcoin is down about 4% in 24 hours at $41,700.