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Crypto exchange service engagement in Russia hits nearly 6%

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Amidst the COVID-19 pandemic, data released by cybersecurity firm Qrator Labs, it revealed that crypto exchange service engagement in Russia has increased by around 5.56%.

This is an indication that with the present coronavirus pandemic, concerns on the quarantine/ stay at home government order, and rising unemployment, a lot of people are begging to turn to crypto alternatives for finance in Russia.

Crypto exchange service engagement in Russia monitored in Feb – March

Reportedly, between the last week in March and February, Crypto exchange service engagement in Russia surged 5.56% according to Qrator with Russia news agency RBC, reporting the news earlier on Monday.

The cybersecurity outfit, however, linked the hike to growing interest in the crypto market as the country’s traffic on the foreign exchange market also hiked by about 3% according to the report.

The hike in Russia’s engagement with crypto exchange service and the foreign exchange market is possible as against the backdrop of the country’s first paid non-working week that was to hold between March 28 and April 5 to fight the global pandemic. Vladimir Putin, Russia’s president, eventually extended the country’s “non-working week” to April 30.

Crypto exchange service with more DDoS attacks

Amidst the rise in crypto patrons in Russia, Qrator Labs also reported that there’s been a tremendous surge in denial-of-service attacks (DDoS) exploits on cryptocurrency exchanges. During the period when crypto exchange service engagement in Russia hiked, DDoS attack also surged by over 486% during that time.

However, Qrator Labs’ data on the coronavirus-fueled hike in crypto exchange service engagement in Russia would be a useful document to prove the positive impact of coronavirus pandemic on the global crypto market. Reportedly in March, interest in buying Bitcoin hit its highest levels since July 2019, according to Google search trends data.

In the same light, Cameron Winklevoss, a co-founder of major crypto exchange Gemini, said that BTC would experience a historic “inflection point” in its life thanks to coronavirus while talking about the importance of COVID-19 for Bitcoin and its users.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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