Home ยป COVID-19 Negatively Impacts Darknet Markets

COVID-19 Negatively Impacts Darknet Markets

Bitcoin's sharp price drop against the backdrop of coronavirus panic has brought down activity in the darknet markets, according to the recent report of the analytical startup Chainalysis.
news - COVID-19 Negatively Impacts Darknet Markets

Bitcoin’s sharp price drop against the backdrop of coronavirus panic has brought down activity in the darknet markets, according to the recent report of the analytical startup Chainalysis.

The fall in the price of BTC had a different effect on various market segments, including trading services and gambling. Traditional markets began to fall in mid-March, which triggered a liquidity crisis that led to a panic sale of assets, including bitcoin.

news - COVID-19 Negatively Impacts Darknet Markets

Experts do not exclude that this is due to the closure of many local firms due to a pandemic, as well as the desire of users to minimize the use of banknotes. It is also possible that stability in this sector was ensured by the popularity of services such as web hosting, which require regular payments.

Although the exact reason for dropping in income from darknet markets is not clear, the Chainalysis report suggests that the COVID-19 pandemic has complicated the sale of drugs.

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“Mexican drug cartels have found it harder to receive fentanyl, as the Chinese province of Hubei, the center of global trade in fentanyl, was hit hard during the coronavirus pandemic. Such disruptions in global supply chains can hinder the ability of darknet market suppliers to conduct business,” the report said.

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