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A study showed that despite the coronavirus pandemic, the data on the dark web market until 2020 is surprising, but compared with last year’s figures, the dynamics have changed.
According to the Chainalysis report, the revenue of the dark web market in 2019 exceeded the cryptocurrency threshold worth 800 million US dollars, a record high. However, the exact figures for 2020 will be published in the “Chainalysis 2021 Crypto Crime Report” in January 2021.
However, the research company pointed out that the total number of purchases and customers has dropped significantly, but the total number of purchases and customer value has decreased significantly, thus driving the prominent rebound in the research. The most used cryptocurrencies in transactions are Bitcoin (BTC), Bitcoin Cash (bch), Litecoin (LTC) and Tether (USDT).
In addition, with the outbreak of the global Covid-19 crisis, the number of active markets has decreased. Chainalysis explained that the pandemic may be the main reason behind this dynamic in the entire dark web market trend this year, but according to expert consultations under research, there are other reasons:
It seems that increasing competition and enforcement efforts are making the darknet market ecosystem integrate into some large players-this is a common model of the technology industry and other legal and illegal markets.
Chainalysis found that until this point of research, darknet market activity seems to be “impermeable” to Bitcoin market activity. They further explained the matter:
Fluctuations in the value of Bitcoin have always been common and rarely appear in the buying activities of consumers in the dark web market. However, when the price of Bitcoin began to fall in mid-March after the first round of lock-in in the United States, so did dark web market activity.
But according to the research company, one should expect that this change will only be temporary.
Some sellers who conducted research with Chainalysis attributed the pandemic to the pandemic because it affected their operations. One example is the increase in the number of customer complaints caused by delays in delivery. Similar situations have forced certain markets to temporarily close.
Is this the beginning of a new normal in the dark web market? Let us know in the comments section below.
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