Over 99% Of Cryptocurrency On-Chain Is Legal, Bitcoin Use In Criminal Activity Falls Again
Portfolio Pulse from Khyathi Dalal
Chainalysis reports that 99.6% of cryptocurrency transactions in 2023 were legal, with illicit transactions dropping to 0.34% of total volume. The $24.2 billion sent to illicit addresses in 2023 is a decrease from $39.6 billion in 2022. JPMorgan CEO Jamie Dimon's claims about cryptocurrency's use in illegal activities are contradicted by the report. Bitcoin's use in crime has declined, with stablecoins like Tether now more prevalent in illicit transactions.
January 19, 2024 | 8:00 pm
News sentiment analysis
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NEGATIVE IMPACT
Tether's increased use in illicit transactions may raise concerns, but its dominance in legitimate market activities remains strong.
The report's mention of Tether's use in organized crime could negatively impact investor sentiment in the short term, despite its continued dominance in legitimate transactions.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
JPMorgan CEO Jamie Dimon's recent statements on cryptocurrency's use in illegal activities are contradicted by the Chainalysis report.
While the report contradicts Jamie Dimon's statements, it may not have a significant short term impact on JPMorgan's stock as the company's operations are diversified and not solely dependent on cryptocurrency-related activities.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
Bitcoin's use in illicit transactions has decreased, indicating a positive trend in its adoption for legal purposes.
The decrease in Bitcoin's use for illicit transactions as reported by Chainalysis may improve public perception and potentially increase investor confidence, leading to a positive short term impact on its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80