11:54, 29 June 2021 Page views 655 views

Russians made $600m from cryptocurrency in 2020

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According to the Chainalysis analytical company, Russia comes in fifth place in the ranking of countries whose residents generated the highest profit from the main cryptocurrency at the end of 2020.

According to Chainalysis, the top position in the profit ranking is held by crypto investors from the United States, who managed to make $4.1bn from the main cryptocurrency last year. Investors from China who generated $1.1bn in profits from the digital coin hold second position, followed by Japan ($0.9bn) and the United Kingdom ($0.8 bn).

While China has the world's highest crypto transaction volume, the biggest profit last year was gained by US investors. The disparity stemmed from the huge inflows that US crypto exchanges saw in late 2020. Analysts point out that investors in many countries began to invest in bitcoin by the end of 2020, driven by its growth. By that time, American crypto investors had “came forth from amongst the crowd” and started selling cryptocurrency to new market participants as prices grew.

Chainalysis computed profits based on information on deposits, withdrawals and Internet traffic on cryptocurrency exchanges. Analysts have noted that gains from digital assets are difficult to calculate because of the decentralized nature of the industry.