Popularity of cryptocurrency exchanges among Russians is growing following cryptocurrency prices

The study was conducted based on traffic from anonymous subscribers to various cryptocurrency exchanges from September 1 to mid-November. During this period, Russians spent on average 5% more traffic on crypto exchanges than in the previous three months.

The greatest growth was demonstrated by:

• the Dutch stock exchange Deribit (+126%);
• Chinese-Seychelles HTX (formerly Huobi) (+24%);
• Chinese-Seychelles KuCoin (+23%).

The first place in monthly traffic in terms of the total volume of MB spent is occupied by the largest crypto exchange by capitalization in the world, Binance: citizens spent 45% of all traffic on it. In second place is the Dubai exchange Bybit (25% of traffic), in third place is Seychelles MEXC with 8% of traffic.

Some exchanges lost some traffic, such as Gate.io (-26%), Upbit (-6%), and Kraken (-4%). EBI Exchange lost more than 80% of its traffic after users were disappointed with the HMSTR memcoin associated with the viral Hamster Kombat app.

Megafon analysts believe that the growth of traffic on Russian cryptocurrency exchanges corresponds to the global trend. In November alone, the total traffic of the world’s top 20 crypto exchanges increased by 10% compared to October this year. At the same time, Russian users, according to company estimates, account for 27%-30% of the total traffic of these exchangers.

The rise in popularity of cryptocurrency exchanges in the study is attributed to the recent halt in the price rally of major cryptocurrencies following the election of Republican Donald Trump as the next president of the United States. The price of Bitcoin then reached its latest all-time high of $99,665.

At the time of publication of the material, the price of the token was $94,740, up 0.13% from the previous week, according to data from CoinMarketCap. The most popular altcoin, Ethereum, is currently trading at $3,521, up 12.7% from last week.

On November 26, the State Duma, in the second and third readings, approved a law introducing a tax on income from mining and cryptocurrency transactions. Mining infrastructure operators will be required to notify tax authorities about miners on a quarterly basis. Otherwise, from January 1, 2025, they will face a fine of 40 thousand rubles.