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Bitcoin Volatility Approaches 2013 Lows Despite Compromised Security of Tor Browser

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Bitcoin price volatility has declined considerably since early July and recently reached lows not seen since early January. Trading volume on exchanges has similarly declined over the same period. The stability may be attributable to a number of factors, ranging from uncertainty around the withdrawal delays from Mt. Gox to quiet summer trading typical of many financial markets. What may be more interesting are the recent events that have not affected stability. In particular, bitcoin prices have withstood recent news about significant impacts to confidence in the security of Tor – the only way to access the infamous Silk Road marketplace. With bitcoin’s unique ability to offer greater financial privacy and therefore the only accepted currency on Silk Road, the question has often been raised as to how much of bitcoin’s value is attributable to demand driven by illicit purchases. Historically, that assertion may have had factual basis. In 2011, after two US senators encouraged the Attorney General and Drug Enforcement Administration to investigate bitcoin, Silk Road and the Tor...

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