Key takeaways
The cryptocurrency market is down by roughly 1% over the previous 24 hours.
Bitcoin briefly dropped to $26,990 earlier in the present day earlier than recovering to now commerce above $27,500.
The dump got here as a consequence of studies that there was a transaction with the United States authorities’s BTC pockets.
Why the crypto market is down in the present day
The cryptocurrency market recorded a pointy spike in motion a number of hours in the past. Bitcoin, the world’s main cryptocurrency by market cap, was buying and selling simply above $28k earlier in the present day.
However, BTC fell below the $27k stage for the first time in additional than every week, briefly touching the $26,990 mark earlier than retracing its motion.
According to market specialists, the sharp decline in Bitcoin’s value got here because of a transaction from the United States authorities’s BTC pockets.
BREAKING: US Gov BTC Wallet is transferring#Bitcoin dumps onerous. Lot of longs rekt. pic.twitter.com/kyw8QIhAnR
— Woetoe (@cryptowoetoe) May 10, 2023
Data obtained from Blockstream confirmed that 9819.01814463 bitcoins have been on the transfer from the pockets. This giant transaction was mirrored in the market, with Bitcoin dropping below the $27k mark for the first time in a month.
Bitcoin recovers to commerce above $27,500
The dump didn’t final lengthy, as Bitcoin is now buying and selling above the $27k stage as soon as once more. At press time, the price of Bitcoin stands at $27,502, down by greater than 2% in the final hour.
Bitcoin is not the solely cryptocurrency that recorded losses. Ether, the second-largest cryptocurrency by market cap, additionally dropped below the $1,800 mark earlier in the present day earlier than retracing to now commerce at $18,36 per coin.
