In the study conducted on June 4 with the participation of many Russian crypto exchanges, a significant increase in Bitcoin transaction volume has been observed since March. With the COVID-19 effect, the time spent by many people in their homes led people to research and invest. Although the law expected to be enacted by the Russian government is on the agenda, the interest of the Russian people in Bitcoin seems to have increased. Cryptocurrency exchanges such as Binance Russia, Garatex and EXMO stated that their transaction volumes increased on average twice as compared to last year.
Because quarantine affects our daily life due to the pandemic brought by COVID-19, the cryptocurrency has been a hot topic.
Economies around the world are in turmoil and negative movements, but when it comes to the crypto world, things seem to be fine.
The cryptocurrency has become a hot topic, as quarantine affects our daily life due to the pandemic brought by COVID-19. Economies around the world are in turmoil and negative movements, but when it comes to the crypto world, things seem to be fine.
A new study conducted by a number of Russian-based crypto platforms earlier this week on June 4th revealed a significant increase in BTC trading across the country since March. Reports show that representatives from Russian platform offices, such as Binance, noted a significant increase in the number of users in Russia.
Gleb Kostarev, head of the Russian representative at Binance, announced in April this year that the number of registrations on the platform was two times higher than in December of last year. He also said:
“It should be noted separately that the popularity of futures trading among Russians has increased. In April and May, the trading volume of these instruments is twice that of March and five times that of January. ”
Sergey Mendelev, founder of the Garantex exchange, also spoke about it, saying that the increase in crypto platforms is not related to people who withdraw money from the deposit or receive money from the budget. So this is an important indicator that the hot money directly entering the market has increased considerably in Russia.
To this end, Fedor Anaschenkov (United traders analyst) said that self (voluntary) isolation / quarantine, which is applied in many countries of the world, is one of the key factors leading to increased trade volume on many different platforms.
The COVID-19 outbreak could explain the sharp increase in Russia's BTC transaction volume. That's why United Traders analyst Fedor Anaschenkov believes that quarantines are one of the factors that lead to increased trade volumes.
The EXMO crypto exchange gave some figures to explain the sharp increase in BTC trading volumes. Their CEO, Sergey Zhdanov, said that site activities grew by about 15-20% and increased by 12% in Russian users. These figures were also compared to the same period between March and May 2019.
