The Crypto Business Surge of 5 % in Russia amidst the COVID- 19 Crisis


The crypto industry is visibly attracting
many countries amidst the coronavirus crisis. As the world is at the verge of
the historic economic recession, an increasing graph towards investment in
cryptocurrencies can be witnessed worldwide. Russia too has shown similar
trends with a massive upsurge of 486 % in the traffic at crypto exchanges.
As per the reports from the Russian news
agency RBC, crypto-related trading services have observed a steep rise of 5 %
in the month of March in Russia.
A Sharp Rise of 5.56% in Crypto
business
The reports have observed the trends in the
month of March and have concluded the results in the last week of March which
witnessed this rise.
Also, traffic at Foreign Exchange markets
has witnessed a rise of 3 %. The increased traffic on the crypto exchanges is a
little shocking as it came during the first paid non-working week during the
week of March 28 to April 5. Also, it is noteworthy that due to the corona
crisis, Russian President Vladimir Putin has now extended the non-working week
till April 30.
Cyber Attacks on crypto exchanges also
jumped to 486%
Another interesting news is that the crypto
exchanges have also witnessed a tremendous increase in Denial-of-Service
Attacks (DDoS) during the same period. A rise of 486% has been reported by a
leading cyber security firm Qrator Labs in Russia which studied the trends.
Also, according to the Google search trends in March, the Bitcoin buying trend
reached a peak since July 2010 globally. And now the positive reports from
Russia might fuel the trends of inclination towards crypto assets.
Russia’s Cryptocurrency Regulation Bill
Completed
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Jayashree Ingle
CBW - External Analyst
INDIA