Why is the crypto market down today? BTC briefly slips below $27k

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key takeaways

  • 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.

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.

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