CHART OF THE DAY: Bitcoin Collapses Following Silk Road Shutdown

Today the FBI seized and shut down Silk Road, a website that allowed customers to buy illegal drugs using Bitcoin. As part of the bust, the government took 26,000 Bitcoins, or the equivalent of about $US3.2 million, from Silk Road.

Following the news, Bitcoin’s value began to collapse. Early this morning, one Bitcoin was worth about $US123. As of this writing, it’s hovering around $US100.

Here’s a chart that shows Bitcoin’s collapse today. You can see where exactly where the Silk Road news hits.

Follow Business Insider Australia on Facebook and Twitter

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at