The illegal markets may cause the volatility of Bitcoin
Bitcoin was seized from illegal vendors on the Darknet
1 min read
Bitcoin is falling because more than $20 million in bitcoin was seized from illegal vendors on the Darknet by the DoJ.
The market was rocked this morning as news emerges more than $20 million in bitcoin was seized from illegal vendors on the Darknet by the Department of Justice (DoJ).
According to www.express.co.uk agents claim to have seized cryptocurrency mining devices, weapons, narcotics, $3.6 million in US currency and more than 2,000 bitcoins worth more than $20 million.
”The operation which was spearheaded by the Department of Justice had Special Agents of Homeland Security Investigations (HSI) pose as money launderers on Darknet market sites where they were able to identify vendors of illicit products while exchanging U.S dollars for virtual currency – reports www.express.co.uk”
Also, after the most recent comments from Alibaba’s chairman Jack Ma advising traders to avoid trading in BTC, prices may also have slumped.
Speaking at a launch event for a new online-payment service for real-time cash transfers between Hong Kong and the Philippines, he said: “Technology itself isn’t the bubble, but bitcoin likely is.”
Bitcoin is falling
Bitcoin has slumped overnight as a return to $5k territory looks all the more likely, however, one expert says that after so many recoveries bitcoin is getting “stronger” and “beginning to gain trust in the marketplace”.
Brian Kelly, founder, and CEO of BKCM LLC replied on the latest BTC price plunge by telling CNBC on Sunday – “this is not the funeral for bitcoin whatsoever.“
Bob Loukas, the founder of Bitcoin. Live told Express.co.uk that much of today’s volatility is part and parcel of waiting while the “excesses of the 2017 bull market to wear off.”
“I agree with Brian Kelly, bitcoin is far from dead and we predict this fall will not be the end but another trial after which it is looking to emerge even stronger.” – he said, “From an investor’s standpoint, bitcoin’s ability to weather multiple attacks and price collapses, while remaining to be a great performing asset in the past decade, is beginning to gain trust in the marketplace.”
“It’s a social movement. It’s an epidemic of enthusiasm. It is a speculative bubble. That doesn’t mean that it will go to zero.” – Robert Shiller