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October 2, 2013 09:51 pm GMT
Bitcoin is taking it on the nose following the FBI seizure of Silk Road, a popular – and partially hidden – marketplace for drugs and other items generally outside the orbit of the law. As TechCrunch reported earlier today, about $1.2 billion in Bitcoin flowed through Silk Road, resulting in a nearly $80 million commission for the service. For more on the seizure, head here. Bitcoin is responding about as you would expect to having a core market that accepted it taken down, and the Federal government hemming in on its slice of the Web: By rapidly shedding value. Bitcoin traded as high as $145 per coin at the end of September. Today, it’s trading around the $119 mark. RealTimeBitCoin is reporting a buy-sell spread of$118.10 to $119.00. This squares with another data source tracking the Mt. Gox Bitcoin-Dollar exchange rate, which places the current trading range at nearly precisely the $118 level. Here’s a chart as compiled by Clark Moody: That’s quite the drop. And it is not really that surprising: With Silk Road out of the picture for the foreseeable future if not forever, quite a few folks now have Bitcoins burning a hole in their digital wallet. If they can’t use them, what to do? Sell, obviously. And an exodus of that scale pushes prices down. There is also a factor of fear at play. Bitcoin has accreted to itself a modicum of respectability in recent months, failing to collapse as some predicted, and instead showing off a level of price stability that has almost surprised. Until today, of course. Bitcoin started the day around at around the $139 mark. At its current level of $118, Bitcoin has lost around 15% of its value. Keep watching the charts, This is a real time story. Top Image Credit:Hamed Al-Raisi
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/2lDPYME-CHA/
Bitcoin Falls 15% Following FBI's Silk Road Seizure
Bitcoin is taking it on the nose following the FBI seizure of Silk Road, a popular – and partially hidden – marketplace for drugs and other items generally outside the orbit of the law. As TechCrunch reported earlier today, about $1.2 billion in Bitcoin flowed through Silk Road, resulting in a nearly $80 million commission for the service. For more on the seizure, head here. Bitcoin is responding about as you would expect to having a core market that accepted it taken down, and the Federal government hemming in on its slice of the Web: By rapidly shedding value. Bitcoin traded as high as $145 per coin at the end of September. Today, it’s trading around the $119 mark. RealTimeBitCoin is reporting a buy-sell spread of$118.10 to $119.00. This squares with another data source tracking the Mt. Gox Bitcoin-Dollar exchange rate, which places the current trading range at nearly precisely the $118 level. Here’s a chart as compiled by Clark Moody: That’s quite the drop. And it is not really that surprising: With Silk Road out of the picture for the foreseeable future if not forever, quite a few folks now have Bitcoins burning a hole in their digital wallet. If they can’t use them, what to do? Sell, obviously. And an exodus of that scale pushes prices down. There is also a factor of fear at play. Bitcoin has accreted to itself a modicum of respectability in recent months, failing to collapse as some predicted, and instead showing off a level of price stability that has almost surprised. Until today, of course. Bitcoin started the day around at around the $139 mark. At its current level of $118, Bitcoin has lost around 15% of its value. Keep watching the charts, This is a real time story. Top Image Credit:Hamed Al-RaisiOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/2lDPYME-CHA/
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