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Dark web bitcoin activity continuing to grow according to new report

Dark web bitcoin activity continuing to grow according to new report
  • Earlier this week, a study was released that indicated the total USD value of bitcoins transferred on the dark web.
  • The report states that the total value of bitcoin transacted represents a 340% growth over three years. 

Earlier this week on the 19th of May, a study was released from Crystal blockchain analytics that indicated the total USD value of bitcoins transferred on the dark web increased by around 65% in the first quarter of this year even though there was a big decline of transactions in this period last year.

The report states that the total value of bitcoin transacted represents a 340% growth over three years. The team at the analytics company claims that these figures could be an explanation for the increased adoption of bitcoin over the past few years saying that its popularity and ease-of-use amongst many users in the dark web pushes it up.

On top of this, the tech firm announced in the report that the overall amount received by darknet sites decreased this year. In the first quarter of 2019, there were 64,000 bitcoin received on the dark web compared to this year which only had 47,000 bitcoin.

The report further says that the reduced amount of bitcoin is mainly down to the usage of other alternative cryptocurrencies on the dark web. In the past few years, these kinds of crypto‘s have been growing in numbers but the report also says other factors such as the growing market capitalisation and mass adoption of bitcoin can be attributed to this.

Even though users on the dark web or attempting to hide the transactions to remain anonymous, the report states that these activities are easy to monitor and identify as they say:

“...the impact of the strong regulations enacted by the FATF and the European Union to fight these illicit activities is already apparent. We expect to see even more significant changes in these patterns throughout 2020 as a result of these efforts."

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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