|

Only 1% of cryptocurrency transactions related to illegal operations

  • The recent report shows that cryptocurrency becomes less popular with criminals.
  • Bitcoin and major altcoins are gaining ground after a move above key technical levels. 

Only one 1% of all cryptocurrency transactions are related to illegal activities according to the recent research performed by Chainalysis. The experts found out that an aggregated amount of cryptocurrency transactions reached $1 trillion, while the number of cryptocurrency users has been growing steadily through 2019.

Also, the experts noted the decreased usage of digital assets in illegal transactions. Currently, the industry looks much healthier than within the first years of its existence, where the lion's share of activity took place on darknet marketplaces. Now cryptocurrency users mostly prefer to deal with legal trading platforms.

However, the other side of this development is the vulnerability of centralized cryptocurrency exchanges. The trading platforms often fall victims of hack attacks and security breaches. As a result, the trading platforms have been paying special attention to security features, Chainanalysis reports.

Hack attacks and coin theft is often regarded as a key barrier on the way to cryptocurrency mass adoption, while global governments and regulators cite money-laundering and illegal operations as key concerns about cryptocurrency usage.

At the time of writing, Bitcoin and all major altcoins are in a green zone. BTC/USD is changing hands at $9,158, while ETH/USD is getting close to $140.00.

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Dogecoin Price Forecast: DOGE breaks key support amid declining investor confidence

Dogecoin (DOGE) trades in the red on Thursday, following a 4% decline on the previous day. The DOGE supply in profit declines as large wallet investors trim their portfolios. Derivatives data shows a surge in bearish positions amid declining retail interest.

Cardano Price Forecast: ADA dips below $0.37, hitting two-month low as bearish momentum builds

Cardano (ADA) price trades in the red, slipping below $0.37 on Thursday after correcting more than 7% so far this week. The ongoing pullback could deepen further as ADA’s social dominance declines and dormant wallet activity rises, suggesting bearish sentiment among traders.

Top Crypto Losers: Pump.fun, SPX6900, Bittensor slide further with double-digit losses

Pump.fun (PUMP), SPX6900 (SPX), and Bittensor (TAO) are leading the losses in the cryptocurrency market over the last 24 hours amid total liquidations of over $500 million. The retail segment alleges institutional manipulation amid an early-morning Bitcoin sell-off routine in the US market.

Bitcoin, Ethereum whipsaw sparks heavy liquidations amid accusations of market manipulation

The crypto market whipsawed on Wednesday as top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), quickly reversed gains from the early American session.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.