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Bitcoin Prices Recover After Sliding on Silk Road Bust

The price of Bitcoins recovered after the virtual currency lost a third of its value, triggered by the arrest of the operator of an online marketplace for drugs and illicit goods.

One unit of the digital money was trading for about $117 on the Bitstamp Ltd. exchange as of 7:30 p.m. in New York. Bitcoin touched a low of $85 yesterday after charges against Ross William Ulbricht, who runs the “Silk Road Hidden Website,” were unsealed. He was charged in federal court in New York for running a “sprawling black-market bazaar” where anonymous users bought and sold illegal drugs and phony identification documents using Bitcoins. Before that, they were worth around $127 on the market.