Russia sees 8% rise in crypto exchange traffic as Bitcoin price climbs, telecom giant says

Bitcoin price increases and recent crypto mining regulations have led to an 8% increase in Russia’s internet traffic to major exchanges, according to data.

Internet traffic to major crypto exchanges in Russia increased by 8% in early November, driven by a sharp rise in Bitcoin prices and changes in local regulations, according to an analysis by MegaFon, one of Russia’s largest telecommunications companies.

The company noted that the increase follows a global trend, with web traffic to the top 20 crypto exchanges increasing by 8% to 10% in November compared to October. According to the analysis, in Russia, users account for approximately 27% to 30% of the total internet traffic to these platforms.

The price of Bitcoin (BTC) increased by over 45% in November, from $68,000 to $99,000, increasing interest in the crypto market worldwide, including in Russia.

MegaFon said that the increase in traffic was especially remarkable on platforms such as Deribit, and added that the platform saw a 126% increase in visits at the beginning of November. Other exchanges, including HTX (formerly Huobi) and KuCoin, reported traffic increases of 24% and 23% respectively.

However, some stock markets experienced declines. Chinese platform Gate.io experienced a 26% drop in traffic, while Upbit and Kraken lost 6% and 4% respectively.

The telecommunications giant says that apart from the performance of the global crypto market, Russia’s new crypto mining law, which came into force on November 1, may also contribute to the increased interest. As crypto.news previously reported, the law allows crypto mining only for registered individual entrepreneurs and organizations; The monthly consumption limit for non-entrepreneurial miners is limited to 6,000 kWh. Temporary mining bans, planned to begin on December 1 in certain regions due to power outages, will last until March 2025.