Editor’s note: This story and its headline were updated after publication to clarify that Arkham’s Mt. Gox alert was triggered correctly.

Bitcoin erased the gains made earlier today, plunging as much as 7% in an hour to below $28,000, per CoinGecko data.

At time of publication, the price of Bitcoin stood at just under $27,750, down 4.6% on the day and 8.4% over the past week.

The wider crypto market crashed alongside Bitcoin, with the top 10 coins by market cap all down over the past hour and 24 hours, barring stablecoins. Ethereum dropped in tandem with Bitcoin to just under $1,830.

The news came on the heels of reports from blockchain analytics firm Arkham that wallets linked to defunct crypto exchange Mt. Gox and the U.S. government had moved significant amounts of Bitcoin. Arkham CEO Miguel Morel told Decrypt that the wallet movements weren’t connected, meaning that the U.S. wasn’t necessarily the one moving or selling assets related to Mt. Gox.

Roughly an hour later, Arkham posted on Twitter that the alert was sent out in error, and only to a “small subset of users,” which included Crypto Twitter account @tier10k, also known as DB.

The company said a bu

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Author: Stephen Graves

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