SEC website taken offline, precedes bitcoin price crash
The official government website for the US Securities and Exchange Commission (SEC) went offline late Thursday evening. Reports of the outage reached X (formerly Twitter) as early as 10:24 pm New York time. The site remained offline hours later. Prior to the website outage, bitcoin was trading around $71,200. While the website was offline , bitcoin crash ed below $66,800 on Bitstamp. That 6.5% decline wiped out over $80 billion in market capitalization within two hours . To be clear, although the price crash correlated curiously with the SEC website outage, the exact causes of bitcoin’s dramatic decline are indeterminate. The SEC is the world’s most powerful securities regulator with jurisdiction over trillions of dollars in publicly traded securities. Its commissioners have Congressionally authorized oversight over quadrillions of dollars worth of securities transactions annually and its website provides official statements and filings relating to corporate disclosures, enforc...