A study has concluded that almost half of all transactions of bitcoin have some association with illegal activity. These findings have been used to state the belief that the high popularity levels within the criminal fraternity are the reason why the value of bitcoin, and other cryptocurrencies, has become so high.

The survey also found that almost a quarter of all bitcoin traders are linked to crime, including money-laundering, cybercrimes and the trade of illegal pornography and drugs. Should the criminal world begin to shy away from digital currencies in the event of tighter regulations, there is a distinct possibility that the price will start to fall steadily.

The study, from the University of Sydney and the University of Technology Sydney, looked at bitcoin use up to April of last year. Around 24 million users within the bitcoin market were thought to be using cryptocurrencies in order to partake in illegal activity, with around 36 million transactions per year to a total value of $72 billion attached.

Bitcoin has become an attractive proposition for criminals due to the anonymity offered to users, but every single transaction is recorded on the blockchain, which could identify specific individuals if looked into further.