A study published by Crystal Blockchain Analytics on May 19 shows despite the fact the number of transactions during the first quarter of the year was lower than those recorded during the same quarter of the previous year, the total value in USD of Bitcoins transferred on the dark web increased by 65%.
The value of Bitcoin transactions reportedly increased by 340% in just 3 years.
The experts who carried out the study believe this upturn is due to mass adoption, since using BTC to buy on the Internet is really simple.
The number of BTC transactions during the first quarter of the year (47,000 BTCs) is much lower than the 64,000 BTCs transferred during the same quarter of the previous year. However, its value in dollars is much higher, since BTC price during Q1 2019 stood at around $3,533, while it is currently around $7,500.
Per the report, the number of BTC transactions has fallen in part due to the increased popularity of altcoins as well as the Bitcoin halving.
In addition, the study also concluded the number of Bitcoins sent from the dark web to cryptocurrency exchanges that require registration and information on user identity has declined significantly in favor of other platforms that allow users to remain anonymous thanks to the use of tools such as mixers.
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