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Bitcoin Value Sinks After Silk Road Shut Down

Oct 3 2013, 1:36pm CDT | by , in News | Technology News

Bitcoin Value Sinks After Silk Road Shut Down
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Bitcoin value sinks largely after feds shut down the illegal online drugs market on Wednesday. Bitcoin value drops down over 20% in just 3 hours yesterday.

The value of first digital currency, bitcoin, experiences a major down fall yesterday. Bitcoin value goes down after the news that federal agencies have shut down the Silk Road. We have already told you that FBI arrested the alleged mastermind on Tuesday that was running online black market of Silk Road to buy and sell the illegal drugs. Feds have also seized the Tor website of Silk Road.

A bitcoins trading website, Mt.Gox. reports that bitcoin value was $140 On Tuesday. This value fell to $129 on Wednesday. Bitcoin currency was traded as low as $110, according to Reuters.

Digital Citizens Alliance's security expert, Garth Bruen, said, "They're going to be pouring all over his records, getting subpoenas for every piece of data and account he has ever used and trying to figure out who all these different dealers are. People are jumping ship."

The use of bitcoins digital currency lowers the fraud risk and increased privacy. But the critics said that it can be used easily for drug transactions, money-laundering and other illegal activities. Like in this Silk Road case. That is the reason due to which bitcoin value drops after Silk Road shut down.

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