A new study by several Russian crypto-exchanges on 4 June revealed that the number of Bitcoin trading (BTC) across Russia has increased significantly since March under COVID-19 lockdown.
As reported by RBC, the growth in Russia's number of users was emphasized by representatives from the Russian exchange offices such as Binance, Garantex and EXMO. This figure refers to the increase in trade volumes between March and June.
Increase in Russian registrations
Gleb Kostarev, Head of Binance's Representative Office in Russia, explained that during April 2020 the number of registrations was twice the level of those in December 2019.
He added:
"It is worth noting separately that the popularity of futures trading is growing among Russians. In April and May, trading volumes of these instruments are twice as high as in March and five times in January."
Increase in Russian registrations
Gleb Kostarev, Head of Binance's Representative Office in Russia, explained that during April 2020 the number of registrations was twice the level of those in December 2019.
On the other hand, Sergey Mendelev, founder of Garantex, explained, "Isn't associated with those who take money from deposits or receive payments from budgets with increasing activity on cryptocurrency exchanges."
The pandemic COVID-19 could account for a sharp increase in the volume of Russian BTC
That is why Fedor Anaschenkov, the United Traders analyst, believes that self-isolation from the coronavirus pandemic has contributed to the increase.
In order to justify the sharp growth in the volumes of BTC trading, the Exmo crypto exchange provided some figures. Their CEO, Sergey Zhdanov, said that they had increased their site operations by around 15-20% to 12%. These figures were compared between March and May 2019 for the same period.
Cointelegraph reported on June 12 that, despite local cryptocurrency uncertainty, Russia is strengthening its leadership on LocalBitcoins, the major peer-to - peer exchange, in Bitcoin trading volumes.
Taking into account the months of April and May 2020, CryptoDiffer's study was carried out.
