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

Key takeaways
The cryptocurrency market is down by roughly 1% over the past 24 hours.
Bitcoin briefly dropped to $26,990 earlier today before recovering to now trade above $27,500.
The dump came due to reports that there was a transaction with the United States government’s BTC wallet.
Why the crypto market is down today
The cryptocurrency market recorded a sharp spike in movement a few hours ago. Bitcoin, the world’s leading cryptocurrency by market cap, was trading just above $28k