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Bitcoin Recovers Above $27,500 After Briefly Dropping Below $27k On Wednesday

Twitter icon  •  Published 1 year ago  •  Hassan Maishera

Bitcoin briefly dropped below $27k on Wednesday for the first time in a month but has now recovered and is trading above $27,500.

TL;DR

  • Bitcoin dropped below the $27k level for the first time in a month.

  • The decline came following news that the US government’s BTC wallet was on the move.

Bitcoin Briefly Slipped Below $27K

Bitcoin, the world’s largest cryptocurrency by market cap, experienced a rollercoaster performance over the last 24 hours. It was trading just above $28k for  most of Wednesday before dumping late on.

The cryptocurrency saw its price drop below $27k for the first time in more than a month. BTC dipped to $26,990 before recovering to stay above the $27,500 level.

According to market experts, the sharp decline was caused by the US government moving nearly 10,000 bitcoins from its wallet.

Data available on Blockstream showed that 9819.01814463 bitcoins were moved from the account. 

Bitcoin has recovered some of its losses and is now trading just above the $27,500 mark. 

Ether, the second-largest cryptocurrency by market cap, also briefly dropped below $1,800 on Wednesday. It is now trading above $1,830 per coin. The total cryptocurrency market cap stands at $1.14 trillion, down by less than 1% in the last 24 hours.

 

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.