- X (formerly Twitter) experienced a major outage on Monday that Elon Musk attributes to a “massive cyberattack,” potentially by Hacking group Dark Storm.
- Bitcoin Price dropped below $80,000 during the X outage, falling to $78,313—down 27.9% from its all-time high and 13.5% since Trump’s BTC reserve announcement.
- This outage follows a previous major disruption on August 9, 2024, which also coincided with a Bitcoin price decline.
A major outage disrupted Elon Musk’s social media platform X for several hours on Monday, which the billionaire owner has attributed to a “massive cyberattack.” The service interruption coincided with bitcoin falling below the $80,000 threshold, highlighting potential correlations between major tech platform stability and cryptocurrency market movements.
According to data from Downdetector, approximately 40,000 users reported X being inaccessible around 2pm UTC. Report volumes briefly decreased before surging again to over 17,000 an hour later, indicating widespread and persistent connectivity issues.
Addressing the incident, Musk stated: “We get attacked every day, but this was done with a lot of resources. Either a large, coordinated group and/or a country is involved.”
Hacking collective Dark Storm has reportedly claimed responsibility for the attack. The group has previously warned it would target countries that support Israel.
Meanwhile, cryptocurrency markets showed significant volatility, with bitcoin experiencing substantial downward pressure. Data from CoinGecko shows BTC dropped to $78,313, representing a 27.9% decrease from its all-time high recorded in January. The digital asset has also declined 13.5% since former President Donald Trump announced plans for a U.S. strategic bitcoin reserve last Thursday.
This isn’t the first time X outages have coincided with bitcoin price movements. Variety reports that X’s previous major service disruption occurred on August 9, 2024. On that date, bitcoin reached over $62,000 at 12:16 am UTC before dropping to approximately $60,000 throughout the day.
The timing of these parallel incidents raises questions about potential connections between social media platform stability and cryptocurrency market sentiment, though no direct causal relationship has been established.
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