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    The Harry and Meghan interview with Oprah

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    Bata explosions: Equatorial Guinea rocked by series of blasts

    Bata explosions: Equatorial Guinea rocked by series of blasts

    Biden to mark ‘Bloody Sunday’ by signing voting-rights order

    Biden to mark ‘Bloody Sunday’ by signing voting-rights order

    Covid-19 News: Republican Governors Push for Schools to Reopen

    Covid-19 News: Republican Governors Push for Schools to Reopen

    Trump sends cease-and-desist letter to GOP groups RNC, NRCC, NRSC to stop fundraising off his name

    Trump sends cease-and-desist letter to GOP groups RNC, NRCC, NRSC to stop fundraising off his name

    The Democrats who could take Cuomo’s place

    The Democrats who could take Cuomo’s place

    Injuries reported in explosion and fire in NW Harris County

    Injuries reported in explosion and fire in NW Harris County

    Students, staff evacuated from Oakland Park school after partial roof collapse

    Students, staff evacuated from Oakland Park school after partial roof collapse

    Biden’s Dilemmas, Part 1: Punishing Saudi Arabia – The New York Times

    Biden’s Dilemmas, Part 1: Punishing Saudi Arabia – The New York Times

  • Business

    Economists See Few Monetary Policy Changes With Powell Leading Fed

    Indonesia’s Largest Fleet of Taxis Teams Up To Beat Ride-Hailing Apps

    Olivia Munn’s One-Piece Swimsuit Plunges Further Than You Thought Possible

    Hannah Donker talks being The Weeknd’s love interest in ‘Secrets’

    High Street Retailers Pin Hopes On Discount Splurge In Black Friday Fever

    Bitcoin Is ‘Definitely Not A Fraud,’ CEO of Mobile-Only Bank Revolut Says

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    THE DAY I LEARNED TO STOP HATING LAPTOP DJS

    HOW MALE MODELS GET SUPER RICH IN A FEMALE-DOMINATED INDUSTRY

    WHAT IS LIKE TO WORK AS A SUPER MODEL

    HOW TAYLOR SWIFT HELPED ME LOSE 425 LBS

    LIFETIME UNVEILS FIRST LOOK OF FULLHOUSE MOVIE

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    How These 8 Designers Are Highlighting Their Asian Heritage Through Clothes

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    Comprehensive Report on Scrunchies Market 2021 | Size, Growth, Demand, Opportunities & Forecast To 2026

    Scrunchies Market To Show Startling Growth after COVID19 Pandemic, Business Opportunity & Development Strategy with Market Forecast

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    Scrunchies Market 2021 Is Rapidly Increasing Worldwide in Near Future | Top Companies Analysis

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Darknet Market Crypto Revenues Hit All-Time Highs in 2020

Editorial Team by Editorial Team
December 5, 2020
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Darknet Market Crypto Revenues Hit All-Time Highs in 2020
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Darknet Market Crypto Revenues Hit All-Time Highs in 2020

A study revealed that darknet markets have astonishing figures so far in 2020, despite the coronavirus pandemic, but the dynamics changed compared to the last year’s numbers.

Darknet Vendors Surpassed $800 Million in Revenues Despite Covid Pandemic

According to the Chainalysis report, darknet marketplaces surpassed the $800 million threshold worth of cryptocurrencies in revenue made in 2019, the all-time high. However, the exact figures for 2020 will be released in the “Chainalysis 2021 Crypto Crime Report” in January 2021.

However, the research firm noted that the overall number of purchases and customers fell significantly, but those with higher values, boosting the rally highlighted in the study. The most used cryptocurrencies in the transactions have been bitcoin (BTC), bitcoin cash (bch), litecoin (LTC), and tether (USDT).

Also, the number of active markets has declined in the wake of the Covid-19 crisis globally. Chainalysis explains that the pandemic could be the main reason behind such dynamics in this year’s trend across the darknet markets, but according to experts consulted for the research, there are other reasons:

It appears that ever-increasing competition combined with the efforts of law enforcement are causing the darknet market ecosystem to consolidate to a few big players — a pattern common to the technology industry and other markets, both legal and illegal.

Dynamics in Bitcoin Prices

Chainalysis found that darknet market activity seemed to be “impervious” to bitcoin market activity until this point of the study. They explained further on the matter:

Fluctuations in Bitcoin’s value, which have always been common, rarely appeared to play a role in darknet market consumers’ purchasing activity. However, when Bitcoin’s price began to fall in mid-March following the first round of U.S. lockdowns, so too did darknet market activity.

But according to the research firm, people should expect that such a change would prove only to be temporary.

Some of the sellers who spoke with Chainalysis for the research blamed the pandemic because it affected their operations. One example is the increasing number of customer complaints due to the delay in the deliveries, and similar situations forced some marketplaces to close temporarily.

Is this the beginning of the new normality in the darknet marketplaces? Let us know in the comments section below.

Tags in this story
BCH, Bitcoin, Bitcoin (BTC), bitcoin cash, Bitcoin Transactions, BTC, Chainlink, darknet, darknet bitcoin, darknet marketplace, report, Research

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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