The cryptocurrency market is down about 1% over the past 24 hours.
Bitcoin briefly fell to $26,990 earlier today before recovering to trade above $27,500.
The dump came in the wake of reports that transactions had taken place with a United States government BTC wallet.
why the crypto market is down today
The cryptocurrency market registered a sharp increase in movement a few hours ago. Bitcoin, the world’s leading cryptocurrency by market cap, was trading above $28k earlier today.
However, BTC fell below the $27k level for the first time in more than a week, briefly touching the $26,990 mark before retracing its movement.
According to market experts, the sharp fall in the price of bitcoin is a result of transactions from the BTC wallet of the US government.
BREAKING: US Government BTC Wallet Is Underway#bitcoin Throws hard. Rake too long. pic.twitter.com/kyw8QIhAnR
— Wotoe (@cryptowoetoe) May 10, 2023
data from blockstream Showed that 9819.01814463 bitcoins were running from the wallet. This huge transaction was reflected in the market, with bitcoin falling below the $27k mark for the first time in over a month.
Bitcoin recovers to trade above $27,500
The dump didn’t last long, as bitcoin is now trading above the $27k level once again. at press time, bitcoin price Standing at $27,502, down more than 2% in the last hour.
Bitcoin is not the only cryptocurrency to register losses. Ether, the second largest cryptocurrency by market cap, also fell below the $1,800 mark earlier today, now back to $18.36 per coin.