Chainalysis: the demand for bitcoin in the darknet continued to grow in 2019

The use of bitcoin in the darknet markets continues to grow and in 2019 reached maximum levels, according to data from the analytical company Chainalysis.

In a new report on the topic of cybercrime, Chainalysis writes that in the fourth quarter of 2019, bitcoin accounted for more than $ 600 million in transactions in the darknet markets. At the same time, the volume of transactions with bitcoin in legal activities, for example, in cryptocurrency trading, remains significantly higher.

According to analysts, the demand for bitcoin as a means of payment in darknet markets is “less dependent” on cryptocurrency rate fluctuations.

“Although in all categories there is a surge in July along with a rise in the price of bitcoin, darknet markets show significantly lower leaps than other areas. If we evaluate the year as a whole, transactions in the darknet markets remained in a much narrower range in terms of volume, from which we can conclude that the behavior of their customers is less determined by the bitcoin exchange rate, ”the company writes.

As in previous years, most of the illegal funds from the darknet continue to be passed through cryptocurrency exchanges, and they are used both by customers who want to send money to the seller, and by the sellers themselves to enter fiat currency.

According to Chainalysis, eight darknet markets were closed in 2019, and eight opened, leaving their total number still 49. The average revenue of such sites increased, but not due to larger purchases, but due to an increase in their number .