Crypto Exchange Traffic in Russia Rises by Over 5% Amid Pandemic

Amid the global COVID-19 pandemic and concerns over ongoing quarantines and rising unemployment, more and more people around the world are apparently turning to crypto, Russia being no exception.

According to data by cybersecurity firm Qrator Labs, people in Russia have become increasingly engaged with crypto exchange services amid the ongoing coronavirus outbreak.

Crypto exchange-related traffic surges 5.56% in Russia

Specifically, traffic on crypto exchanges in Russia surged 5.56% in the last week of March 2020 in comparison to February averages, a study by Qrator Labs reportedly said. Citing data from the study, Russia’s news agency RBC reported on the news on April 13.

As reported, Qrator Labs linked the surging numbers with the growing interest in currency markets. Additionally, Russia’s traffic on foreign exchange markets has also increased around 3%, the report notes.

The increasing traffic numbers came against the backdrop of Russia’s first paid non-working week, which was originally scheduled from March 28 to April 5 as a measure to tackle the coronavirus outbreak. Eventually, Russian President Vladimir Putin extended Russia's nationwide “non-working week” until April 30.

DDoS attacks on crypto exchanges reportedly jumped 486% in 2019

Alongside a notable surge of crypto exchange-related traffic in Russia, Qrator Labs also alerted some massive growth of denial-of-service, or DDoS, attacks on cryptocurrency exchanges in 2019. According to Qrator Labs’ data, the amount of DDoS attacks on crypto exchange platforms spiked as much as 486% in 2019.

Qrator Labs’ data on the coronavirus-fueled crypto traffic surge in Russia may add to mounting evidence for the apparent positive impact of the pandemic on global crypto markets. As Cointelegraph reported, in March, interest in buying Bitcoin hit its highest levels since July 2019, according to Google search trends data.

On April 12, Cameron Winklevoss, a co-founder of major crypto exchange Gemini, made another remark regarding the importance of Covid-19 for Bitcoin and its users, claiming that Bitcoin will see a historic “inflection point” in its life thanks to coronavirus.

Update April 16: This article was updated to specify that DDoS attacks on crypto exchanges surged 486% in 2019.