Coronavirus Lockdown Boosts Bitcoin Trading in Russia

[SRShanuka2020]

Coronavirus Lockdown Boosts Bitcoin Trading in Russia

On June 4, a new study performed by a number of Russia-based crypto exchanges revealed a significant rise in Bitcoin (BTC) trading across Russia since March amid the COVID-19 lockdown.

As RBC reports, representatives from the Russian offices of exchanges like Binance, Garantex, and EXMO, highlighted the growth in the number of users in Russia. This number is relative to the increase in trading volumes from March until June.

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[Prime]

Are you sure? As far as I know, the pandemic or lockdown just triggers the decline in Bitcoin price. Instead, now, the lockdown just brings the effect of bearish or decline in Bitcoin price. Anyway, I ever heard bad news about crypto regulation in Russia currently. Why the Bitcoin can be boosted?

[Andruha1993]

Hmm, very interesting news for me, since I myself am from Russia. And it's nice to hear that many crypto enthusiasts have stepped up.

[UNIVERSE]

What does this news mean? Is the Bitcoin price in Russia more expensive than in other places?
In most exchanges, the price of Bitcoin is almost the same. There is no big difference among them. If it is true, how lucky the Bitcoiners in Russia.

[mlawson71]

They are not lucky at all, unfortunately. Russia is planning to not just ban cryptocurrencies, but to criminalize them too.

[Noverteno]

It is unlikely that some recent increase in bitcoin trade in Russia can be attributed to the fight against the spread of coronavirus. Maybe people are preparing in this way for the impending complete ban on cryptocurrency. After all, there are no statistics on this. Coronavirus has not brought anything positive to any state. Russia cannot be an exception.

[megusen]

The Bitcoin price is so high in Russia?
If like that how much lucky if can sell Bitcoin on Russia platform.

[voodQ]

It's a little bit strange because their government ready to ban crypto

[mlawson71]

That is what I was wondering about too.

[Cryptoz]

I believe in this. When people cannot go anywhere, when they cannot do anything to earn money, trading is the best way. or all types of crypto activities can really help us. So, it makes sense if Bitcoin trading in Russia improved during the lockdown. I think they tried to get money from trading Bitcoin.

[Pegasus]

I think it's not only Russia but other countries also experience the same situation. Stimulus checks are a source of money to flood into the market. Corona pandemic is a great misfortune but it's indirectly boost the cryptocurrency market. Many companies, organizations see the system flaws after this tragedy but many realize the bright side of cryptos.

[TomPluz]

When people are locked down and maybe have nothing else to do they turn to do more Bitcoin (and I presumed also altcoins) trading. This is actually a global phenomenon and can be the one of the reason why eventually BTC recovered from its lows when the virus started to get news coverage around March.

[mlawson71]

I do agree about that. According to official statistics, cryptocurrency and especially Bitcoin trading increased immensely during the lockdowns.

[Magician]

I think it's not only Russia but other countries also experience the same situation. Stimulus checks are a source of money to flood into the market. Corona pandemic is a great misfortune but it's indirectly boost the cryptocurrency market. Many companies, organizations see the system flaws after this tragedy but many realize the bright side of cryptos.

People are bored enough to trade bitcoin during lockdown but I doubt it's just temporary. After lockdown, they will immediately forget about trading and go travelling, shopping, or just go back to their old daily routine, in which there's no place for bitcoin. The only thing that I am glad is that there are more people knowing about bitcoin through this trading activity.

[vegasus]

I can believe it. So do I, I also do more trading during this coronavirus pandemic. As what the Russian do, they will utilize their lockdown time in order to still get income, fulfiling their free time and also their boredom. That is normal and good enough for the crypto world.