Russia's largest darknet market plans to raise $ 146 million via ICOs for global expansion

Bitcoin's use in darknet markets – such as for illegal drug purchases, continues to grow, according to data from Chainalysis. However, the number of Bitcoin transactions on these “black market” accounts for less than 1% of the total transactions of BTC, according to Elliptic.

In the Crypto Crime Report announced On Tuesday, Chainalysis said that more than $ 600 million worth of Bitcoin was used for darknet markets in the fourth quarter of 2019. However, the use of Bitcoin in legitimate activities, such as for transactions at Cryptocurrency exchanges and trading services, are much larger than their use on darknet markets.

Source: Chainalysis
Source: Chainalysis

In addition, Chainalysis found that Bitcoin's use on darknet markets was “less affected” by the volatility of cryptocurrencies.

“Although all portfolios surged in July at the same time Bitcoin prices rose, the darknet market showed a much smaller increase than the others,” Chainalysis said. “Over the past year, activity on the darknet markets is still in a tight volume range, which shows that customer behavior is less affected by changes in Bitcoin prices.”

Last October, The Block's Steven Zheng also studied the use of cryptocurrencies in darknet markets and found that Bitcoin is still the most widely accepted cryptocurrency on these platforms, continued. followed by Monero and Litecoin. According to Zheng, up to 93% of the darknet market accepts payment with Bitcoin.

Although Bitcoin is still the most popular cryptocurrency for “dark” activities, its market share accounts for less than 1% of all Bitcoin transactions, according to recent data available from the company. Elliptic blockchain analysis.

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According to The Block
Translated by ToiYeuBitcoin

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