Key Points
- Bitcoin’s price surge and new mining regulations have led to an 8% increase in Russian internet traffic to major crypto exchanges.
- Notably, the Deribit platform saw a 126% rise in visits, while some exchanges experienced traffic declines.
In early November, a significant increase was noted in internet traffic to major crypto exchanges in Russia, with an 8% surge. This was mainly due to a sharp rise in Bitcoin prices and changes in local regulations. The data was analyzed by MegaFon, one of Russia’s largest telecommunications companies.
Global Trends and Russian Traffic
This rise aligns with a global trend, as web traffic to the top 20 crypto exchanges increased by 8% to 10% in November compared to October. The analysis showed that Russian users accounted for approximately 27% to 30% of total internet traffic to these platforms.
Bitcoin’s (BTC) price saw a significant gain of over 45% in November, jumping from $68,000 to $99,000. This price surge stimulated interest in the crypto market worldwide, including in Russia.
Notable Traffic Surges and Declines
The increase in traffic was particularly evident on platforms like Deribit, which saw a 126% rise in visits in early November. Other exchanges, including HTX (formerly Huobi) and KuCoin, reported traffic growth of 24% and 23%, respectively.
However, not all exchanges enjoyed a rise in traffic. The Chinese platform Gate.io experienced a 26% drop, while Upbit and Kraken saw declines of 6% and 4%, respectively.
The performance of the global crypto market and Russia’s new crypto mining law, effective from Nov. 1, may also be factors contributing to the growing interest. This law permits crypto mining only for registered individual entrepreneurs and organizations, capping non-entrepreneurial miners to a monthly consumption of 6,000 kWh. Temporary mining bans in certain regions, due to electricity shortages, are set to commence on Dec. 1 and last until March 2025.
