Internet traffic to major cryptocurrency exchanges in Russia saw an 8% increase in early November, driven by a significant rise in Bitcoin prices and recent changes in local crypto mining regulations, according to data from MegaFon, one of Russia’s largest telecommunications companies.
The surge in traffic aligns with a broader global trend, with web visits to the top 20 crypto exchanges rising by 8% to 10% in November compared to October. In Russia, users accounted for around 27% to 30% of total internet traffic to these platforms.
Bitcoin prices rose by over 45% in November, jumping from $68,000 to $99,000, which sparked renewed interest in the crypto market both globally and in Russia.
The traffic boost was particularly notable on platforms like Deribit, which experienced a staggering 126% increase in visits in early November. Other exchanges also saw significant growth, including HTX (formerly Huobi), which reported a 24% rise in traffic, and KuCoin, with a 23% increase.
However, not all exchanges shared in the upward trend. The Chinese exchange Gate.io saw a 26% decline in traffic, while Upbit and Kraken experienced smaller losses of 6% and 4%, respectively.
In addition to the global crypto market rally, the recent enactment of Russia’s new crypto mining law, which took effect on November 1, may have also contributed to the spike in interest. Under the new law, crypto mining is now restricted to registered individual entrepreneurs and organizations. Non-entrepreneurial miners face a monthly consumption limit of 6,000 kWh. Meanwhile, a temporary ban on mining in certain regions, set to begin on December 1 due to electricity shortages, will last until March 2025.
The combination of rising Bitcoin prices and new regulatory developments seems to be driving a resurgence of activity on Russian crypto exchanges, as users look to capitalize on market gains and navigate changing legal landscapes.
