In the midst of the global COVID-19 pandemic and concerns over continuing quarantines and rising unemployment, it appears that more and more people around the world are turning to cryptography, Russia is no exception.
Amid the ongoing coronavirus outbreak, people in Russia have become increasingly involved with crypto exchange services, according to data from cybersecurity firm Qrator Labs.
Crypto Exchange-Related Traffic Surges 5.56% in Russia
In particular, in the last week of March 2020, traffic on crypto exchanges in Russia increased by 5.56 percent compared to the February averages, a study reportedly conducted by Qrator Labs. Russian news agency RBC reported citing data from the study.
As reported, Qrator Labs linked the rising numbers to growing currency market interest. Furthermore, Russia’s foreign-exchange traffic has also increased by around 3 percent, the report notes.
The increasing traffic numbers came against the backdrop of Russia’s first paid non-working week, which was originally scheduled as a measure to tackle the coronavirus outbreak from 28 March to 5 April. Russian President Vladimir Putin eventually extended the nationwide “non-working week” for Russia until April 30.
In addition to a significant increase in crypto-exchange-related traffic in Russia, Qrator Labs alerted some massive growth of denial-of-service (DDoS) exploits on crypto-currency exchanges. According to the report, during the same period the amount of DDoS attacks on crypto exchange platforms increased to 486 per cent.
Data from Qrator Labs on Russia’s coronavirus-fueled crypto-traffic surge may add to mounting evidence for the pandemic’s apparent positive impact on global crypto markets. As reported earlier, interest in buying Bitcoin (BTC) hit its highest levels since July 2019, according to data from Google’s search trends.
Cameron Winklevoss, Co-Founder of Gemini, made another remark on April 12 about the importance of Covid-19 for Bitcoin and its users, claiming that Bitcoin will see a historic “point of inflection” through coronavirus in her lifetime.