The downward dynamics that was observed in the quotes of bitcoin and altcoins due to the actively spreading coronavirus also affected transactions conducted on the darknet. The correlation between the price of the first cryptocurrency and activity on the trading floors has decreased by almost 50% since the outbreak of the pandemic, according to the Chainalysis report.
Darknet, which is a resource that sells goods prohibited by law, is experiencing difficulties in selling, inter alia, due to a supply failure caused by quarantine. Cryptocurrency holders, according to Chainalysis analysts, have reduced the number of transactions because they fear a sharp change in the price of digital assets.
“It is necessary to consider the fact that the virus itself complicates the sale of drugs. It has become more difficult for Mexican cartels to mine fentanyl, since Hubei, the hub for the sale of the substance, has not worked for a long time due to the massive incidence of COVID-19, ”analysts said.
The ratio of the cost of bitcoin and the volume of operations on the darknet (from July 2019 to March 2020)
Bloomberg commodity strategist Mike McGlone reiterated his prediction that Bitcoin (BTC) could fall to $10,000, calling the…
France has emerged as a major hotspot for violent crypto-related crime, with authorities recording 90…
Stellar (XLM) may be gearing up for a major rally, as its post-breakout price structure…
On October 15, with the help of independent security researchers, ChangeNOW identified a vulnerability affecting…
In recent on-chain activity, US government wallets reportedly deposited $1 billion in cryptocurrency to Coinbase…
Bybit Co-founder and CEO Ben Zhou has outlined the next stage of the company’s evolution…
