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Bitcoin Values Plummet $500M, Then Recover, After Silk Road Bust


As news of the Silk Road shutdown spread, bitcoin values took a tumble, initially dropping by about 20 percent, or close to $500 million by mid-morning, Pacific time. But values soon crawled back. On the Bitstamp exchange, for example, bitcoins dropped from about $125 to $90, before climbing back to $115 at midday. On the slightly inflated Mt. Gox exchange, values went from $140 to 109, before jumping back to $128.

In addition to taking down the Silk Road, The Federal Bureau of Investigation arrested Ross William Ulbricht, 29, the San Francisco man who allegedly ran the site under the alias “Dread Pirate Roberts.”

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