Tue, May 21, 2024

The Influence of Coronavirus on Crypto Traffic in Russia

Cryptocurrencies and coronavirus pandemic

The coronavirus pandemic changed the lives of many people across the globe. Some of them lost their jobs while others are working from home. Moreover, the tourism industry is struggling to cope with multiple challenges at the same time. Governments in rich countries as well as in developing countries are willing to do whatever they can to support the economy. Nevertheless, it won’t be easy to stabilize the situation in a short period of time. Meanwhile, crypto became more popular as can be seen from the study conducted by Qrator Labs.

For example, in the last week of March, traffic on crypto exchanges in Russia soared 5.56% compared with February averages. This cybersecurity firm linked this result with the growing interest in currency markets. Furthermore, Russia’s traffic on foreign exchange markets rose by around 3%.

Notably, interest in crypto coincided with Russia’s first non-working week, Russian President Vladimir Putin extended the country’s nationwide “non-working week” until April 30.

Crypto industry and new challengesCrypto exchanges and Russian customers

People should take into consideration that, there are some risk factors as well. Cryptocurrency company reportedly alerted some massive growth of denial-of-service (DDoS) exploits on crypto exchanges. Unfortunately, the amount of DDoS attacks on crypto exchanges jumped as much as 486% during the same period.

Coronavirus had a positive impact on the global crypto markets. In March, the interest in buying Bitcoin reached the highest point since July 2019.

Cryptocurrencies became even more popular around the globe. As can be seen from the crypto exchange traffic in Russia, ongoing coronavirus pandemic made cryptocurrencies more popular in this country.

Importantly, more and more people in different parts of the world are turning to crypto and Russia is not an exception. People in Russia are actively using services of crypto exchanges amid the coronavirus pandemic, to mitigate the damage caused by the ongoing crisis.

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