Bitcoin drops below $10K following some bad news

<figcaption class="image-caption">Burrrrrn.</figcaption>

Image: ULRICH BAUMGARTEN/GETTY

Bitcoin is getting a minute &mdash simply not the type its boosters wished for.&nbsp

The cryptocurrency once more dropped below $10,000 today, and also the timing from the latest dip has some faithful hodlers concerned. Particularly, the apparent sell-off came shortly around the heels of the Securities and Exchange Commission announcement warning about "potentially illegal online platforms for buying and selling digital assets."&nbsp

Oh, and also the rumors of the major cryptocurrency exchange getting hacked did not help things either. &nbsp&nbsp

However, the SEC. While you can't really say when the statement led to the cost dip, it isn't probably the most out-there conclusion to attract. In the end, the SEC put direct shade in the very exchanges people use to purchase and sell their cryptocurrency.&nbsp

"[Many] of those platforms provide the impression they perform exchange-like operates by offering order books with updated bid and get prices and knowledge about executions around the system," noted the SEC, "but there's pointless to think that similarly info has got the same integrity as that supplied by national securities exchanges."

Quite simply, the exchanges may be creating bullshit instead of market data &mdash possible frightening enough to prevent the most bullish investor in their tracks.&nbsp

Simultaneously, people that use the exchange Binance take to Reddit to complain their altcoins were mysteriously offered en masse for bitcoin without their authorization.&nbsp

"WTF is going on," requested one such user. "Binance just offered my alts at market rate and that i have only the Bitcoin now."

"Yea all alt offered in one minute n btc bought [VIA] at super premium," responded another redditor.&nbsp

My @binance_2017 account just offered my entire portfolio for really low market rates. I&rsquove lost thousands. No, I have not produced an API key in my account. #binance #binancehack

March 7, 2018&mdash Soft Stock (@chewystock)

In reaction, Binance posted to Reddit it had become indeed hip towards the problems.&nbsp

"We're investigating reports of quite a few users getting difficulties with their," browse the statement. "We understands and investigating the problem these days. Currently, the only real confirmed victims have registered API keys (to make use of with buying and selling bots or else)."&nbsp

Meanwhile, the cryptocurrency community was busy crying "hack."

UPDATE:
Lots of users are reporting a hack on @binance_2017.

Like a precaution, it's wise to consider whatever safety measures you deem appropriate to safeguard your funds.

&mdash 21 Cryptos Magazine (@21Cryptos) March 7, 2018

Crypto Drama previously 2 hrs:
&gt100x $VIA MarketBuy inside a 1 min candle
&gtBinance hack rumours
&gtSEC US Crypto-Exchange FUD
&gtJapan banning Crypto Exchanges
&gtBitmex goes lower

March 7, 2018&mdash Anondran &#9889&#65039&#128293&#128640 (@anondran)

The Binance statement, however, was very insistent there was "no proof of the Binance platform being compromised." Nevertheless, the exchange "temporarily disabled" withdraws.&nbsp

Binance Chief executive officer Changpeng Zhao also chimed in on Twitter, saying, "All money is safe."

All money is safe. There have been irregularities in buying and selling activity, automatic alarms triggered. Some accounts might have been compromised by phishing from before. We're still investigating. All money is safe.

&mdash CZ (not giving crypto away) (@cz_binance) March 7, 2018

So, yeah, the main one-two SEC/Binance punch makes for any rocky day for bitcoin &mdash which, within the up and lower realm of cryptocurrency, could just be known as another Wednesday. &nbsp

WATCH: People are spending millions on virtual CryptoKitties

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Find out more: https://mashable.com/2018/03/07/bitcoin-sec-statement-potential-illegality-binance-hack/

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