Cryptocurrency exchanges have reportedly seen their traffic from Russia rise over 5.5% in the last week of March, as trader interest is growing amid the coronavirus pandemic.

The FBI has warned scammers are targeting cryptocurrency holders with COVID-19 fraud schemes. The agency warned users should pay attention to red flags, which include being pressured to send over cryptocurrency instead of fiat.

Binance has launched options trading for its Android and iOS mobile applications, giving traders another option on its platform.

Top stories in the Crypto Roundup today:

• Crypto Exchange Traffic in Russia Rises Amid Coronavirus Outbreak
• FBI Warns Crypto Holders Are Being Targeted With COVID-19 Scams
• Binance Launches Options Trading for its Mobile Applications

At the time of writing, bitcoin (BTC) is trading at $6,797.37 (0.95%) with a daily Top Tier volume of $2.56 bn. As for ether (ETH), it is trading at $155.93 (1.88%) with a daily Top Tier volume of $815.93 million. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 2,436.42 (0.67%).

Crypto Exchange Traffic in Russia Rises Amid Coronavirus Outbreak

Data from cybersecurity firm Qrator Labs has shown people in Russia are increasingly using cryptocurrency exchanges amid the coronavirus outbreak, as traffic to these trading platforms rose 5.56% in the last week of March, in comparison to the average in February.

According to local news outlet RBC, Qrator Labs linked the growing traffic to increasing interest in the cryptocurrency space, although traffic to foreign exchange markets has reportedly also risen by 3%. The traffic increased during a Russia paid holiday, the so-called “non-working week,” which has recently been extended until April 30.

Qrator Labs also revealed there has been a significant uptick in the amount of Distributed Denial of Service (DDoS) attacks hitting cryptocurrency exchanges, pointing to a 486% rise in the last week of March.

The traffic surge, it’s worth noting, also came shortly after global markets crashed on March 12-13 over the coronavirus pandemic. The crash saw all major U.S. stock market indices enter bear market territory, while BTC lost about 40% of its value over a two-day period. Since then markets have been recovering.

FBI Warns Crypto Holders Are Being Targeted With COVID-19 Scams

The Federal Bureau of Investigation (FBI) has warned scammers may be about to unleash a new wave of coronavirus cryptocurrency scams, without clarifying what prompted the warning.

According to the agency, the scammers will target people of all ages while focusing on the elderly through cryptocurrency-related fraud schemes. The FBI noted that developments in cryptocurrency technology have seen a growing number of businesses accept it, and a growing number of kiosks facilitate access and scammers’ schemes.

Specifically, the FBI warned against blackmail attempts using COVID-19, work from home scams, non-existent treatments or equipment, or general investment scams. It noted that while there are legitimate organizations using cryptocurrency, pressure to do so is a red flag:

“Although there are legitimate charities, investment platforms, and e-commerce sites that accept payment in cryptocurrency, pressure to use a virtual currency should be considered a significant red flag.”

To stay safe, users were advised to conduct extensive research on potential investment opportunities, verify whether the organizations they’re in contact with are legitimate and accept cryptocurrency, contact law enforcement before paying blackmailers, and to not use bank accounts for work-from-home business activities.

Binance Launches Options Trading for its Mobile Applications

Popular cryptocurrency exchange Binance has rolled out bitcoin options trading to its Android and iOS mobile applications. The offering, according to Binance’s announcement, will provide traders with a shorter time frame compared to traditional options, ranging from 10 minutes to 1 day.

Binance Options lets traders execute a contract any time before expiry date, and premiums on options are first deducted from a user’s futures wallet balance before profit is calculated, it adds. The release reads:

“Thus options have fixed downside cost paid upfront, and unlimited upside. Net profit for your options trade is profit - premium.”

The cryptocurrency exchange also warns that users should have enough free margin in their futures balance, and adds a warning telling investors the majority of options will not be profitable. Trades on the market are executed at the exact price a transaction is completed at, which may differ slightly from the price displayed at the time of the order.

VeChain (VET) is the Daily Mover

This week’s Daily Mover featured asset is VeChain’s VET token, which saw its FCAS score go up 0.79% after seeing Developer Behaviour grow by 5.53% and Market Maturity climb 1.62%. Its price, over the same period, went up 9.38%.

VET’s rise is associated with the VeChain’s public blockchain being used to guarantee authenticity for KN95 masks. Production factories in China and Seattle are shipping boxes of KN95 masks with a two-factor authentication QR code that is recorded on the blockchain and can be scanned by retailers to verify the product’s authenticity.

Moreover, VeChain has partnered with Shanghai Gas to build a trust-free “Energy-as-a-Service” ecosystem that includes logistics management, energy trading, and innovative financial products. The cryptoasset has been standing out as its two-factor QR code initiative is believed to have infinite applicability in today’s e-commerce market, and its access has been made easier by removing the need for user wallets. CEO David Menard explained:

“Just like Coinbase, the wallet is not required to start. Users can send their digital assets to their wallets from the real items platform.”

VeChain was founded by former Louis Vuitton China CIO Sunny Liu, and hopes to be the first to put “real business” applications in a public blockchain. IT solves scalability issues via a two-token system, as VET itself functions as a store of value, while the VeThor token represents the underlying cost of using its blockchain.

eToro Launches Professional Financial Podcast

eToro has launched a brand new podcast, called Economize Me. The timing of the podcast’s release is partly due to the ongoing coronavirus pandemic and our desire to give those confined to their homes quality content. This podcast covers a wide array of topics, ranging from the ABCs of trading to in-depth market analysis and insights. Hosts Eytan Weinstein and Naor Meningher are joined by a star-studded guest list, including some of the world’s leading financial and economic experts. 

In light of the global pandemic, Economize Me is kicking off its first season with a special episode on the financial impact of the coronavirus, hosting some of the leading voices in the business and financial world, including former CEO of Man Financial Kevin Davis, acclaimed financial consultant Eric Tyson, eToro CEO Yoni Assia and former CEO of OpenTable Christa Quarles. We will be taking a close look at how the virus is influencing markets, and most importantly, what investors can do to protect themselves financially.

You can listen to the coronavirus special and three more episodes of Economize Me right now. Listen Now

eToro has put the promotion of financial literacy as one of the main points on its agenda, supporting its community with an array of educational tools. The podcast is eToro’s latest addition, enabling anyone to get their finance fix on the go.

Economize Me features leading experts, including best-selling personal finance author Eric Tyson, world-renowned negotiation and cognitive psychology expert, Professor Margaret A. Neale, entrepreneurship expert Peter G. Klein and many others. Each episode discusses topics such as finance, economics, and business management, giving listeners real-life tools and tips for everything from online trading to starting and managing a business. 

Disclaimer

The content that will be discussed is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

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