Sharp Drop in Bitcoin Pulls Price Down to $27,000! Here’s the Reason.

• The price of Bitcoin was shaken by allegations of transfers related to the US government and Mt Gox.
• Despite the news, Bitcoin quickly recovered and rose above 28,000 dollars.

The price of Bitcoin saw a sharp drop due to allegations of BTC transfers related to the US and Mt Gox.

Why is the Price of Bitcoin (BTC) Falling?

When it was revealed that American bank First Republic Bank was having problems, the price of Bitcoin reacted positively and rose rapidly to 30,000 dollars. FRC shares fell more than 29% today, dropping to 5.69 dollars.

Today, it was alleged that transfers related to Bitcoin, involving Mt Gox and the US government, had taken place. However, the BTC drop had already started before this allegation. Although investors attributed the drop to this, the news was later denied.

It was determined that Mt Gox and the US government made #Bitcoin transfers.

— CO NEWS (@coinotag) April 26, 2023

Before this news was announced, the price of Bitcoin experienced a sharp drop of 8%. This drop brought the Bitcoin price down to 27,000 dollars. However, this news was later denied and the Bitcoin price rose again above 28,000 dollars. At the time of writing, the Bitcoin price is trading at 28,400 dollars.

With this sharp drop, the amount of liquidation in the last 4 hours was 197 million dollars. Bitcoin accounts for 89.5 million dollars of this amount.