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Russia have become increasingly engaged with cryptocurrency exchange services amid the ongoing Coronavirus outbreak

Amidst the COVID-19 pandemic, data released by cybersecurity firm Qrator Labs, it revealed that cryptocurrency 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 Altcoin for finance in Russia.

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Cryptocurrency exchange service with more DDoS attacks

Reportedly, between the last week in March and February, cryptocurrency exchange service engagement in Russia surged 5.56%. The traffic on crypto exchanges in Russia surged 5.56% in the last week of March 2020 in comparison to February averages, a study by Qrator Labs reportedly said. Citing data from the study, Russia’s news agency RBC reported on the news on April 13. Additionally, Russia’s traffic on foreign exchange markets has also increased by around 3%, the report notes.

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.

Amidst the rise in crypto patrons in Russia, Qrator Labs also reported that there’d 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.

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