Bitcoin isn’t the only thing that’s plummeting; Illicit crypto activity takes a hit

Sahana Kiran
Source – Unsplash

The crypto industry led by Bitcoin isn’t nascent to scams or hacks. Formerly the face of the dark web, the crypto industry fought long and hard to remove its association with illicit activity. Time and again lawmakers across the globe have held the crypto-verse accountable for acting as a medium for several criminal activities. However, times are changing. While the world sees the purpose of the king coin, it has accommodated an array of people from all walks of life. With this increase in adoption, the industry was slowly steering away from processing illicit transactions.

As per a recent report curated by CipherTrace, the percentage of illicit crypto activity witnessed a significant dip since 2021. The platform highlighted that crypto has previously been a refuge for many illicit activities. As a result, in 2020 the illegal activity in the industry ranged from 0.62 to 0.65 percent. However now, these numbers dipped in 2021 to a low of 0.10 and 0.15 percent.


Binance’s CEO Changpeng Zhao went on to share this report. Earlier this month, Reuters penned an elaborate article accusing Binance of having connections with the dark market and acting as a vehicle for illicit activity. The crypto exchange strongly condemned and declined these allegations.

The community speculated that CZ might have shared the report in light of these allegations.

Bitcoin drowns in the red sea

Volatility was written in red all over the crypto market. The market grew nervous after Bitcoin tumbled to a low of $20,950, earlier today. While some were assuring the newbies that this was just a basic bearish cycle, a few others began panic selling. Now, during press time, BTC trades for $22,431 with a 6.67 percent daily drop.

The market cap of Bitcoin followed suit and dipped to a low of $429.77 billion further pushing the global crypto market cap to $948.69 billion.

As this notion persisted, the market exhibited extreme fear.