U.S. Concerned About Bitcoin Use On Dark Markets

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The U.S. is considering action against Bitcoin holders who are using the golden boy of the cryptocurrency world for illicit transactions. Calling this a “big problem”, U.S. Attorney General, Jeffrey Sessions raised the issue about Bitcoin’s use on dark markets.

Sessions was responding to a question posed by Senator Dianne Feinstein regarding Bitcoin’s ability to enable anonymous transactions.

The same issue has been a hot topic amongst the cryptocurrency community for years, as plenty of investors are concerned about alleged criminals using the anonymous functions of Bitcoin and other cryptocurrencies, such as Monero, Zcash and Verge. These cryptos are specifically built on anonymous block chains that do not allow for a public ledger. This may encourage illicit transactions.

In recent news, two of these so-called dark markets have been closed down. One is AlphaBay. It later came to light that the dark market consisted of close to 240 000 accounts that allowed for the selling of illegal substances, guns and ammunition.

Following Attorney General Sessions’ response in the Senate Judiciary Committee this week, it may appear that the U.S. is considering to take further actions to stop the illicit transactions on dark markets that are giving Bitcoin and other related cryptocurrencies a bad name.

According to Sen. Feinstein, the U.S. Department of Justice may further crack down on these dark web market places by means of legislation.

Meanwhile, the price of Bitcoin has increased by 2.53% in the last 24 hours and brings it to a solid $5 729.62. According to CoinMarketCap, the price of Bitcoin has climbed by 4.77% over the last week and 45.7% over the last month. The market is expecting Bitcoin to rise up to $6 000, as the looming Segwit2x fork is drawing closer. This week the price of Bitcoin made a correction of $5 100 and has since shown signs of a ‘V’ shaped correction, which may indicate a further increase of the Bitcoin-USD price in the near future. Bitcoin holders have also sold off a lot of alternative coins in order to accumulate more Bitcoin in anticipation of Bitcoin Gold. Coming closer to 25 October, the market may increase more since further sell-offs of alt coins may cause Bitcoin price to rise.

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