Illegal Bitcoin Transactions Are Declining, Now At 1%

The rate of the illegal Bitcoin transactions is constantly dropping and is now at less than 1% of the total BTC transactions, the research company Chainalysis reports. Illegal activity seems to be declining, the latest cryptocurrency news show.

The 7% of reported in 2012 by Bloomberg is now at 1%, the senior product manager at Chainalysis Hannah Curtis revealed. Still, Bitcoin’s use in illegal online marketplaces is on track to set a new record this year, coming at more than $1 million as about $15 million worth of Bitcoin has already been spent this year on the dark web, the report added.

In the coming altcoin news, there are not new updates on the illegal use of altcoins. Still, the preliminary numbers based on data gathered from twenty merchant service providers show that in the illegal Bitcoin transactions, more than 32,300 in BTC was spent or 47% more than in January last year.

The same preliminary data shows that the USD value of Bitcoin received by merchant services in January dropped by 70% as the Bitcoin price crashed more than 70% last year. Chainalysis’ reports estimate to have more precise data at some point this summer.

In June this year, the Financial Action Task Force (FATF) as a multi-government body with global standards set for anti-money laundering purposes and combating the financing of terrorism (AML/CFT) agreed to implement their previous recommendations that are on track to force governments to tighten the oversight of the crypto business. This, as reports by many best cryptocurrency news sites showed, is the right way to further drop the illegal Bitcoin transactions rate.

“This will have a major impact on the cryptocurrency industry. FATF’s guidance represents the first major step toward global regulatory clarity. <…> Long-term, this regulatory guidance will formalize AML/CFT best practices and help the cryptocurrency industry mature and achieve more mainstream adoption,” the report by Chainalysis read.

Currently, Bitcoin is at $10,245 and constantly going above and below the $10,000 mark. The total cryptocurrency market cap is at flat $300 billion, of which Bitcoin has $182 billion or dominance set at 60.2%.

No one knows if the correction will stop and new bull run will be on its way. For what we know, Bitcoin is already in big plus this year and the altcoin news show improved momentum too.