Crypto Exchange Traffic in Russia Rises Amid Coronavirus Outbreaks

In Russia, people more often use crypto exchanges amid the outbreak of coronavirus. In the last week of March, compared to the average in February, traffic to trading platforms increased by 5.56%.

Qrator Labs, a cybersecurity company, has discovered that the growth in crypto exchange traffic is driven by the interest in crypto space. Noticeable growth was recorded during paid holidays in Russia, the so-called “non-working week,” which was extended until April 30 by the president Vladimir PUTIN. The Qrator Labs report also noted a significant increase in the foreign exchange markets traffic in Russia. In addition, trading platforms faced a 486 percent increase in DDoS attacks.

Traffic growth began after March 12-13, when global markets collapsed due to the coronavirus pandemic. All major US stock indexes became bearish, and BTC lost 40% in two days. According to CryptoCompare, the collapse of the crypto market led to the highest daily trading volumes. The most of the trading volume came from lower-tier exchanges; On March 12-13, the daily trading volume amounted to $ 75.9 bln.

Image courtesy of Coin News Telegraph