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Bitcoin prices head south after news of Silk Road seizure spreads

Bitcoin value plummets shortly after Silk Road seizure, shows just how closely the two were connected.

@CharlesJGantt
Published Wed, Oct 2 2013 7:30 PM CDT   |   Updated Tue, Nov 3 2020 12:20 PM CST

Anyone who has been following the Bitcoin saga, will likely have ran across reports that the virtual currency is fueling the online drug trade. For anyone who doubted this, today's seizure of Silk Road proves just how closely connected the two really were. Reports suggest as much as $1 billion of Bitcoin transactions occurred as a direct result of Silk Road.

Bitcoin prices head south after news of Silk Road seizure spreads | TweakTown.com

Today as news began to spread about Silk Road being shut down by the FBI, the price of Bitcoins dropped from $130 down to just over $85. Analyst are speculating that the selloff was the direct result of Silk Roads seizure, and indicated that many users felt uncertain about the future of the virtual currency. There could potentially be millions of Bitcoins that are frozen in limbo as a result of the seizure, and they will most likely never be claimed by their owners. At the time of this writing, the Bitcoin price had rebounded to about $120.

NEWS SOURCE:theverge.com

A web developer by day, Charles comes to TweakTown after a short break from the Tech Journalism world. Formerly the Editor in Chief at TheBestCaseScenario, he now writes Maker and DIY content. Charles is a self proclaimed Maker of Things and is a major supporter of the Maker movement. In his free time, Charles likes to build just about anything, with past projects ranging from custom PC cooling control systems to 3D printers. Other expensive addictions include Photography, Astronomy and Home Automation.

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