The cryptocurrency market experienced a sharp decline on Monday, with Bitcoin (BTC) dropping below $27,500 for the first time since January.
Bitcoin Falls 5%, Pepecoin 50% Ahead of CPI Report
The cryptocurrency market experienced a sharp decline on Monday, with Bitcoin (BTC) dropping below $27,500 for the first time since January. The leading digital asset was trading at around $27,350 at press time, down more than 5.5% in the past 24 hours.
Several factors contributed to the bearish sentiment, including the rising popularity of the PEPE meme coin, which reached a market capitalization of over $1 billion before losing steam over the weekend and losing half its value. The meme-inspired token attracted investors looking for quick profits and fun, but also raised concerns about market froth and speculation.
Meanwhile, Ether (ETH), the second-largest crypto by market value, also faced downward pressure, falling below $1,900 after holding above that level for most of the past week. ETH was trading at around $1,829 at press time, down 4.4% on a 24-hour basis.
Most other major tokens also followed the downtrend on Monday, with XRP and Polygon's MATIC losing over 8% each.
