The spread of the Corona virus has affected various aspects of our lives, and the crypto market is not immune to these changes.

As a positive point, cryptocurrency exchanges have enjoyed an influx of new users who flock to them after the outbreak of the Corona virus.

Five cryptocurrency exchanges saw significant increases in both subscriptions and trading volume, with some platforms reaching double figures.

In some cases, even an average of three times the usual rate of new subscriptions.

The trading platforms concerned with these numbers are:

“Kraken”, “OKex”, “Bitfinex”, “Paxful” and “Luno”.

Kraken recorded an 83% increase in signups, and another 300% increase in intermediate verifications i.e. those who went through the KYC process to be able to deposit cash instantly.

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Explaining the surge in registrations, Pierre Rochardt, a Bitcoin strategist at Kraken, said people are in the process of moving away from the old financial system towards markets that don’t lock up and don’t get bored.

“Rochard” explained to Source as follows:

As Western governments struggle to contain the coronavirus and force cities and countries into mass quarantines, individuals feel an urgent need to get out of the central financial system.

They can’t go protest in the streets, so they protest with bitcoin.

Similarly, crypto exchange Paxful has seen a 100% increase in new signups since the beginning of March.

Luno has also seen a 50% increase in active users over the past four weeks.

While Marcus Swanepoel, CEO of Luno, explained the recent increase in the number of registrants as follows:

While the current pandemic has created a lot of uncertainty in most, if not all industries, it is reassuring to see that there is still confidence in cryptocurrencies, despite not having many traders.

As more people start working from home, cryptocurrency exchange Bitfinex has seen a significant increase in new users.

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A Bitfinex spokesperson said:

Our data indicates that in the second half of March, when strict insurance policies were enforced in many countries, we saw a 30% increase in new accounts.

Around the same time, the exchange OKEx noticed a slight increase in the number of new users.

Lennix Lai, director of financial markets at the “OKEx” platform, indicated that the Corona virus not only affected the platforms, but also affected and contributed to the decline in crypto prices, which can be seen in the data.

Exchange platforms bleed bitcoin:

As traders flock to the bitcoin exchanges, the money has been going the other way.

According to the companyglass“A company that collects crypto market information, the amount of bitcoin withdrawn from platforms is constantly increasing, as “Glassnode” indicated and according to its ratings, bitcoin exchange balances in US dollars are the lowest in 8 months.

Despite the fluctuations, # bitcoin It seems that the owners are withdrawing their money from the exchanges. The outflow has been increasing daily since March 18th.

as per our designations, BTC dollars Exchange balances are lowest in about 8 months. pic.twitter.com/mnPb5vj6Yu

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– glassnode (glassnode) March 26, 2020

The movement of funds away from the platforms affected trading volume, while Bitcoin trading volume peaked on March 13, at $74 billion, it has been steadily declining since then.

Yesterday, volumes fell to their lowest level in March, at $28 billion, down 20% since the start of the month.

This affected the bottom line for some of these platforms.

While Paxful saw an increase in new signups, it posted a 10% drop in revenue.

With the increased volatility, traders seem to be looking for safety in the stablecoins.

Data from Viewbase shows that $223 million in Tether has flowed into the exchanges in the last seven days, as a result of increased demand.

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