Darknet Crypto Payments have doubled for the first time in 4 years! Darknet Crypto Payments have seen a steady uptick in volume – from 0.04% in 2018 to 0.08% in 2019. These numbers are based on Chainalysis’ 2020 Crypto Crime Report that was published yesterday.
According to the study, the total market sales in crypto grew 70% in 2019 and accounts for more than $790 million dollars worth of cryptocurrency. This was one of the first instances that sales had surpassed $600 million.
Despite the total share of crypto payments on the darknet remaining low, the recent growth in volume indicates the resilience of the darknet markets. According to the firm, the total number of active darknet markets remains stable in recent years despite massively heightened attempts to wrangle the ecosystem by law enforcement.
The study further suggests that as some markets close, others fill the gap to satisfy client demand. While 8 of the markets active in 2018 were shut down in 2019, 8 new ones opened in the same year, keeping the total number of active markets steady at 49.
According to Chainalysis, part of the resiliency lies in the use and adoption of new technologies, which makes the process more decentralized. In order to evade law enforcement, some markets use fully decentralized structures. Chainalysis says that it expects to see more darknet markets accepting or even requiring the use of privacy-oriented cryptocurrencies such as Monero (XMR).
While some marketplaces are being shut down, others are ambitious and aggressively pursuing options to expand their offerings. Russia’s largest darknet marketplace announced plans to raise $146 million in a token offering that would allow the marketplace to go global. The token sale, for obvious reasons, is no way legal in terms of global securities laws.
What do you think? This is coming at a time when Google Searches for Bitcoin Halving is increasing – is this the impetus towards more usage and higher prices? Let us know on our Facebook page!
