Cryptocurrencies such as Bitcoin, Ethereum and others are popular around the world. As can be seen from the crypto exchange traffic in Russia, ongoing coronavirus pandemic made crypto even more popular in this country.
Companies, as well as individuals, are working hard to stay to cope with economic problems. Interestingly, more and more people in different parts of the world are turning to crypto. The Russian Federation is not an exception. Russia is home to more than 144 million people.
Based on the information provided by the cybersecurity firm Qrator Labs, people in Russia are actively using the services of crypto exchanges.
Crypto exchanges and ongoing coronavirus crisis
In the last week of March, traffic on crypto exchanges in Russia jumped 5.56% compared with February averages, according to the study conducted by Qrator Labs.
This cybersecurity firm linked this result with the growing interest in currency markets. Moreover, Russia’s traffic on foreign exchange markets increased by around 3%.
Interestingly, interest in crypto coincided with Russia’s first non-working week. This week was originally scheduled from March 28 to April 5. Furthermore, Russian President Vladimir Putin made the decision to extend the country’s nationwide “non-working week” until April 30.
Nevertheless, Qrator Labs reportedly alerted some massive growth of denial-of-service (DDoS) exploits on crypto exchanges. The amount of DDoS attacks on crypto exchanges jumped as much as 486% during the same period of time.
Coronavirus had a positive impact on the global crypto markets. Last month the interest in buying Bitcoin, as can be seen from the results. This information comes from Google search trend data.
Ongoing coronavirus crisis upended the lives of billions of people, as many of them lost their jobs. Millions of Americans applied for the unemployment benefits. Thus, in this situation, people are willing to buy cryptocurrencies as they want to minimize their exposure to the current crisis.