Bitcoin’s Bad Day: Price Crashes Amid Fears Of Major Hack And Sec Demands
Bitcoin’s price tanked to under $10,000 on Wednesday amid fears that a major exchange had been hacked and new regulatory warnings from U.S. authorities.
The cryptocurrency’s value fell to half that of three months ago, when it reached a whopping $20,000 per coin. But it remains volatile, and the bitcoin price reacted swiftly this week to warnings from the U.S. Securities and Exchange Commission (SEC) that “potentially unlawful” trading platforms would soon be forced to register with it or face legal action—falling to $9,520.
“If a platform offers trading of digital assets that are securities and operates as an exchange, as defined by the federal securities laws, then the platform must register with the SEC,” the agency said. The move comes as several governments aim to tame the unpredictable industry—which still operates in murky legal territory.