Report Claims Litecoin is the Second Most Adopted Currency on Dark Marketplaces

A recent study has revealed Litecoin to be the second most adopted means of payment among dark marketplaces. The study also indicated a significant increase in adoption of Monero among English-speaking platforms.

Also Read: South Korean Prosecutor Fights to Confiscate Bitcoins from Criminal Proceeds

Dark Marketplaces Increase Altcoin Adoption

LTC is Second Most Popular Currency Among Dark MarketplacesThe study, conducted by Recorded Future, involved the analysis of 150 leading dark web “message boards, marketplaces, and illicit services” in order to ascertain the scale of alternative cryptocurrency adoption on the part of criminal entities in response to rising bitcoin fees.

Recorded Future states that “The meteoric rise in popularity of bitcoin among household users, speculators, and institutional investors […] since mid-2017” placed “an enormous load on the blockchain network, resulting in larger payment fees.”

Litecoin Is Second Most Dominant Dark Web Currency

LTC is Second Most Popular Currency Among Dark MarketplacesThe study revealed Litecoin to be the second most dominant currency among dark marketplaces – with LTC payment systems being implemented on 30% of the platforms analyzed in the study.

Despite the Recorded Future claiming to have identified an increasing number of “members of the cybercriminal underground” expressing a “growing dissatisfaction with bitcoin as a payment vehicle” as early as “mid-2016”, 100% of the platforms had integrated BTC payment systems.

Popularity of XMR Grows Among English-Speaking Dark Marketplaces

LTC is Second Most Popular Currency Among Dark MarketplacesThe study revealed a significant growth in the popularity of XMR on English-speaking platforms not matched by their Eastern European counterparts.

Among English-speaking platforms, Monero was found to be the second most popular means of payment – with XMR payments being integrated onto 15% of platforms. LTC was identified as the third most adopted payment channel among English-speaking marketplaces with 11%, followed by DASH and ETH with 9% each.

On Eastern European platforms, Litecoin was the second most popular means of payment, with 35% of dark markets implementing LTC payment integration. DASH was the third most adopted, with 24% of platforms integrating DASH payments, followed by BCH with 15%, ETH with 9%, ZEC with 4%, and XMR with 3%.

What is your reaction to Recorded Future’s finding? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Recorded Future


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Bitcoin is “Under-Owned” Among Institutional Investors says Dan Morehead

Bitcoin "Under-Owned" Among Institutional Investors - Dan Morehead

The CEO and founder of Pantera Capital, Dan Morehead, recently told media that bitcoin is “under-owned” by institutional investors despite high demand for cryptocurrency exposure. Mr. Morehead also predicted bitcoin to produce bullish price movements in coming weeks.

Also Read: Markets Update: Cryptocurrencies Start Forming a Well Defined Uptrend

Pantera Bullish on Bitcoin

Bitcoin "Under-Owned" Among Institutional Investors - Dan MoreheadIn a recent interview with CNBC, the Pantera Capital founder appeared unfazed by the recent crash in the cryptocurrency markets, stating “We’re certainly aware it’s a very speculative market,” adding, “It’s volatile on the upside. It can be volatile on the downside.”

Mr. Morehead predicts that the price of bitcoin will begin to recover in coming weeks, stating, “Typically, [bitcoin] has had on average a 71-day bear market, and we’re 52 days into this. It seems like another couple of weeks and everything will be normal and [bitcoin] can start growing back up again.” Mr. Morehead also noted that “We’ve had a 64% fall from its peak to the trough a couple of days ago, and that’s actually exactly the average decline in the bitcoin markets over the last seven bear market cycles.”

Pantera Capital was founded in 2003 and launched its first cryptocurrency fund a decade later. Pantera Capital is invested in a number of leading cryptocurrency ventures, including Bitstamp, Korbit, Xapo, and Bitpesa.

Institutional Crypto Exposure Low Despite High Demand

Bitcoin "Under-Owned" Among Institutional Investors - Dan MoreheadPantera Capital’s CEO indicated that despite widespread demand for cryptocurrency exposure, bitcoin is “under-owned” by institutional investors, hinting that demand from big players may push prices up soon.

“There’s such an institutional appetite to get exposure to this,” said Morehead, “It’s a half-a-trillion-dollar asset class that nobody owns. That’s a pretty wild circumstance,” said Mr. Morehead.

Mr. Morehead attributed bitcoin’s wild price action to the lack of institutional investment in the cryptocurrency economy, stating “bitcoin is that still so under-owned by institutional investors that it trades at its own beat.”

Morehead Welcomes Cryptocurrency Regulations

Bitcoin "Under-Owned" Among Institutional Investors - Dan MoreheadWhen asked of his opinion of the increasing regulation of the cryptocurrency sphere, Mr. Morehead stated, “It’s a good thing, I think the U.S. regulatory bodies have done an excellent job […] the [Commodities Futures Trading Commission] has been very progressive about this… the [Securities and Exchange Commission] has […] in general allowed the markets to develop.”

The Pantera CEO also noted that the “pace” of regulation has “so far has been very good,” concluding that “A little more regulation is probably helpful.”

Do you think that bitcoin is likely to recover in coming weeks? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Pantera Capital, Wikipedia


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