Bitcoin’s price recovers after drop caused by Silk Road’s seizure

Bitcoin’s value is recovering after the hit caused by the shutdown of the illegal marketplace Silk Road and the arrest of its administrator, known as Dread Pirate Roberts. Our favorite cryptocurrency lost a third of its value, but it’s back on tracks.

After trading at about $110, like 99Bitcoins reported on Thursday (3), Bitcoin has hit a bottom of $85. However, after the brief moment of panic, the cryptocurrency got back on its feet again and is currently trading at about $121.

Although initially the community might be concerned, most cryptocurrency users believe this is a small setback. “Silk Road was a negative aspect of the Bitcoin world that received a lot of press. In my opinion, it wasn’t that big of a deal”, says Anthony Di Iorio, founding member of the Bitcoin Alliance of Canada, quoted by CBC News.

“Bitcoin is showing its resilience. People thought Silk Road would have a larger impact, but what we’re seeing is that it was only a small part of the larger community that will soon be forgotten. (…) Many countries’ currencies are actually more unstable than Bitcoins. It’s a very young currency; price fluctuations are expected“, he adds.

However, the level of transactions across the many available exchanges is apparently still recovering from the recent events. BTCChina has been responsible for a great deal of operations, as you can see here.

In the meantime, Bitcoin and Silk Road have been making the headlines across the world.

Bitcoin Video Crash Course 

Dummy-proof explainer videos enjoyed by over 100,000 students. One email a day for 7 days, short and educational, guaranteed.

We hate spam as much as you do. You can unsubscribe with one click.

newest oldest most voted
Notify of