Bitcoin Transactions on Dark Net Increase by 65% in Q1 2020

The recent the report from Crystal Blockchain Analytics has shown that the total USD value of Bitcoins transferred on the dark web rose by 65% in Q1 2020, though the amount of Bitcoin was less.

The figures show that in terms of the amounts in USD, dark-net actors received and sent an increased amount of money, from $384 million in Q1 2019 to $411 million in Q1 2020. Bitcoin was worth $3,533 in Q1 2019, while in Q1 2020 it was quoting at $7,500 on average.

The Bitcoin technology firm claims that such figures could find explanation in mass adoption of the cryptocurrency, attributing it to its “ease of use and popularity” among darknet users and entities.

The study found that the number of Bitcoin that dark-web actors sent to exchanges  that require ID verification during Q1 2020 dropped, favoring the use of more anonymizing services like mixers. According to the report, the amount of Bitcoin sent by darknet sites through such exchanges dropped “significantly” from 14,073 BTC to 5,455 BTC.