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Bitcoin surpassed $14,000 on U.S. Election Day, a 1,900% increase over 2016

The price of Bitcoin went up more than 2% in two hours when poll workers in U.S. states began counting the votes.

The price of Bitcoin (BTC) rose more than 2% in two hours to briefly exceed $14,000 as polls began to close in many U.S. states on November 3. At the time this article was written, the price was just below the key mark.

Today is election day in the United States and many leaders in the crypto space predict that Bitcoin could be the big winner in what was a very controversial campaign. By the time of publication, officials have counted more than 400,000 votes.

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Bitcoin has only seen two U.S. presidential elections, but the price has risen significantly between each election campaign. In November 2012, 1 BTC was valued at approximately USD 12, while in 2016 the price was over USD 700. Today the currency reached USD 14,039 by the time this article was published, representing a 1,900% increase in four years, or approximately 140,000% in eight years.

This is the second time that BTC has broken the $14,000 barrier in just one week, and influencer The Crypto Lark noted that the daily candlestick had just closed above $14,000 for the first time since January 2018.

Non-political factors, including growing institutional interest and PayPal’s decision to offer crypto-currency services, may explain the price increase. Participation in social networks also increased this month.

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According to the weekly report of the analysis platform The Tie, the volume of tweets mentioning Bitcoin increased by 15% in October to reach 835,000. The Tie reported that BTC obtained positive returns of 30% in October compared to returns of 10% in Ether (ETH).

For the first time since 2015, $1,000 is moved in Bitcoin from the Silk Road purse

Ciphertrace speculated that the anonymous user made the transactions „to keep up with the Bitcoin network,“ but could have been hacked.

An anonymous user just moved 69,370 Bitcoin from an address associated with the Darknet Silk Road market, which has recently become a popular hacking target.

According to a November 3 report from intelligence firm CipherTrace, the recent move involving two transactions totaling 69,370 Bitcoin (BTC), or more than $960 million at press time, originated from an address associated with the Silk Road market, which closed in 2013. The user first sent 1 BTC, probably as a test transaction, before moving the coins.

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Ciphertrace speculated that the anonymous user performed the transactions „to keep up with the Bitcoin network“ by switching between address formats. Since the last time someone moved funds associated with the defunct darknet market was in April 2015, the BTC wallet would also have access to all associated Bitcoin Cash (BCH) and Bitcoin SV (BSV).

However, the company did not rule out the possibility of a hack:

„These moves could mean that the purse owner is moving funds to new addresses to prevent hackers from accessing the wallet.dat file or that hackers have already cracked the file.

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The funds from Silk Road were contained in a wallet that has been circulating among hackers for more than two years. In September, a Twitter user who claimed to have the wallet.dat file and called on the crypto coin community for solutions on how to access the more than 69,000 coins, even suggesting a quantum computer as a possible means of determining private keys.

Silk Road was a marketplace on the darknet that allowed users to buy and sell illicit goods such as weapons and stolen credit card information, but most of the listings were for illegal drugs. Ross Ulbricht, the site’s founder, is currently serving two life sentences without the possibility of parole after being convicted of money laundering, computer hacking and conspiracy to traffic narcotics. He still provides regular analysis of the Bitcoin market from prison.

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