Key takeaways
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The cryptocurrency market is down by roughly 1% over the previous 24 hours.
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Bitcoin briefly dropped to $26,990 earlier at the moment earlier than recovering to now commerce above $27,500.
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The dump got here attributable to experiences that there was a transaction with the US authorities’s BTC pockets.
Why the crypto market is down at the moment
The cryptocurrency market recorded a pointy spike in motion a couple of hours in the past. Bitcoin, the world’s main cryptocurrency by market cap, was buying and selling simply above $28k earlier at the moment.
Nevertheless, BTC fell beneath the $27k degree for the primary time in additional than per week, briefly touching the $26,990 mark earlier than retracing its motion.
In keeping with market consultants, the sharp decline in Bitcoin’s value got here because of a transaction from the US authorities’s BTC pockets.
BREAKING: US Gov BTC Pockets is shifting#Bitcoin dumps exhausting. 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 huge transaction was mirrored available in the market, with Bitcoin dropping beneath the $27k mark for the primary 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 degree as soon as once more. At press time, the price of Bitcoin stands at $27,502, down by greater than 2% within the final hour.
Bitcoin is just not the one cryptocurrency that recorded losses. Ether, the second-largest cryptocurrency by market cap, additionally dropped beneath the $1,800 mark earlier at the moment earlier than retracing to now commerce at $18,36 per coin.