Business is Sinking at Darknet Markets But Revenues Are Soaring, Reveals Chainalysis’ Report

Chainalysis reveals a huge surge of crypto in the markets existing on the Darknet. The merchants/vendors and service providers at Darknet’s markets made an estimated profit of US$ 800 Million during the pandemic.

 An analysis report compiled by Chainalysis had recently been published. The report suggested that there had been a huge surge in the use of digital currencies on the markets existing at the Darknet. It was further revealed that during the pandemic, approximately US$ 800 Million had been earned in the shape of profits. It was told that the beneficiaries of this profit were retailers, vendors, merchants, and service providers working at Darknet’s markets.

Chainalysis revealed that revenues collected this year were not only higher than the previous year but were ever highest in Darknet’s history. However, Chainalysis informed that the current figures are only an estimate and not exact figures. It informed that the actual figures will be comprised in the next release under the head “Chainalysis Crypto Crime Report”. The report is proposed to be published in the first month of the coming year.

Chainalysis further told that there had been a huge decline in the number of Darknet customers and consumers during this year. However, whatever was offered from the counters of Darknet’s markets, was on a much higher price charged from customers. It further revealed that the majority of transactions conducted at Darknet markets were on the basis of Bitcoin, Tether, and Litecoin.

It was further pointed out that many of Darknet’s markets had remained closed in 2020 due to the pandemic. The report further suggested that this closure of markets at Darknet maybe because of global crises. However, many experts were found not agreeing to this argument. They explained that because the efforts put  in by law enforcement agencies, an ecosystem of markets at Darknet had been adversely affected.

There was a general perception that the Darknet was not impervious to Bitcoin’s fluctuations. However, the report of Chainalysis suggested that the perception was wrong. Chainalysis explained that when in March Bitcoin’s value started to decline, the business activity at Darknet’s markets too sunk immensely.

In the end, the report concluded with the assumption that this sinking of business at Darknet’s market may be temporary.