Russia’s Cryptocurrency Platforms Witness 5% Surge During COVID-19 Lockdown

Despite the course of the global COVID-19 epidemic and fears about continued quarantines and slowing growth, it appears that many people across the globe are shifting to cryptocurrencies, Russia is no exception.

During the ongoing coronavirus epidemic, people in Russia are now progressively involved with crypto platform services, as shown by reports from cybersecurity company Qrator Labs.

Russia’s Cryptocurrency Platforms Record 5.56% Site Congestion
In particular, during the last week of March 2020, congestion on crypto platforms in Russia increased by 5.56 percent compared to the February rates, research supposedly conducted by Qrator Labs. Russia’s media outlet RBC posted on the news on April 13, based on data from the analysis.

As announced, Qrator Labs related the rising numbers to increasing currency market involvement. Furthermore, Russia’s foreign-exchange activity has already grown by about 3 percent, the study states.

The congestion figures were against the context of Russia’s initial compensated non-working week, which was then previously planned as an initiative to combat the coronavirus epidemic from 28 March to 5 April. Russian President Vladimir Putin subsequently prolonged the national “non-working week” for Russia to April 30.

Cryptocurrency Platforms Registers a Spike of 486% in DDoS Intrusion
In addition to a large rise in cryptocurrency platforms-linked congestion in Russia, Qrator Labs notified certain substantial growth of denial-of-service (DDoS) assaults on cryptocurrency platforms. As shown in the study, during the same period the amount of DDoS assaults on crypto trading platforms increased to 486 percent.

Data from Qrator Labs on Russia’s coronavirus-fueled cryptocurrency congestion spike may add to the overwhelming evidence for the global epidemic’s obvious favorable increase in global cryptocurrency markets. As shown by Google search patterns, interest in acquiring Bitcoin attained its highest rates since July 2019.

As of April 12, Cameron Winklevoss, a co-founder of Gemini’s main cryptocurrency platform, provided further comments about the significance of COVID-19 for Bitcoin and its users, stating that Bitcoin would see a significant “point of inflection” during Coronavirus.