Reserve

Rally

Pepe

Bitcoin

In recent days, Bitcoin has faced a notable downturn, largely influenced by a confluence of factors including a cooling demand for US exchange-traded funds and shifting perceptions surrounding Federal Reserve monetary policy. This resulted in a sharp decline of up to 5.3% in <a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener">Bitcoin’s value</a>, ultimately stabilizing around $66,735 during trading hours in Singapore. 
Alongside Bitcoin’s retreat, tokens popular among meme enthusiasts, notably Pepe and <a href="https://coingape.com/blog/is-dogwifhat-price-on-the-way-to-10/" target="_blank" rel="noopener">Dogwifhat</a>, also experienced substantial drops in value. This collective decline has triggered concerns within the cryptocurrency market, indicating a broader trend of weakness exacerbated by ongoing economic pressures in the United States and a recalibration of investor sentiment regarding potential Federal Reserve interest-rate adjustments. 
<h2 id="impact-on-meme-coins">Impact on Meme Coins</h2> 
The decline in Bitcoin’s value has had a significant impact on meme coins, including Pepe Coin and Dogwifhat, both of which have witnessed notable decreases in their prices. <a href="https://coingape.com/price/pepe" target="_blank" rel="noopener">Pepe Coin</a>, in particular, suffered a substantial drop of 12.07% within the past 24 hours and is currently trading at $0.0000072968, reflecting the broader market sentiment. 
Similarly, Dogwifhat, which recently surged to become the third most valuable memecoin with a market capitalization of $4.4 billion, experienced a decline after reaching an all-time high of $4.85. These downturns indicate a potential end to the rally in <a href="https://coingape.com/trending/top-meme-coins-to-buy-with-100x-potential/" target="_blank" rel="noopener">meme coins</a>, as investor enthusiasm wanes amidst broader market uncertainties and the significant decline in Bitcoin’s value. 
Also Read: <a href="https://coingape.com/xrp-price-925-mln-coins-move-price-slips-0-60-what-next/" target="_blank" rel="noopener">XRP Price: 925 Mln Coins On The Move As Price Slips To $0.60, What’s Next?</a> 
<h2 id="bitcoin-s-supply-dynamics-and-market-performance">Bitcoin’s Supply Dynamics and Market Performance</h2> 
Despite expectations of a positive impact stemming from the halving of new Bitcoin tokens this month, a cyclical event perceived by some traders as supportive of the cryptocurrency. Bitcoin’s recent performance has been mixed. Since reaching a peak of $73,798 in mid-March, Bitcoin has encountered challenges, shedding about 10% of its value. This decline has coincided with a slowdown in daily inflows into US spot-Bitcoin ETFs, signaling a shift in investor sentiment. 
Presently, the live price of Bitcoin stands at $66,524, with a 24-hour trading volume of $32 Billion, marking a decline of 4.39% within the past day. Market analysts hold differing perspectives on Bitcoin’s future trajectory, with some anticipating further gains driven by the impending halving event, while others express caution due to the cryptocurrency’s significant price appreciation since early 2023 and the prevailing market uncertainties. 
Also Read: <a href="https://coingape.com/bitcoin-etf-flows-turn-negative-as-q2-begins-halving-excitement-ends/" target="_blank" rel="noopener">Bitcoin ETF Flows Turn Negative As Q2 Begins, Halving Excitement Ends?</a> 
The post <a href="https://coingape.com/pepe-and-dogwifhat-follow-bitcoin-in-sharp-decline-meme-coin-rally-end-in-sight/">Pepe and Dogwifhat Follow Bitcoin in Sharp Decline, Meme Coin Rally End In Sight?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Pepe and Dogwifhat Follow Bitcoin in Sharp Decline, Meme Coin Rally End In Sight?

Indice dei contenuti

Coingape News Media

Altri articoli pubblicati su 2 apr 2024

TD Cowen Claims Anti-CBDC Bill Might Affect the Stablecoin Bill

AI, Jobs and the Future

Ethereum Stakers Ditch Lido, Flock to Ether fi

Solana’s DEXs Break Records: $60 Billion in Crypto Transactions in March

TRON Down More Than 3% Within 24 hours

Uniswap & Aave Investors Turn to Kelexo Presale for 20X Potential Ahead of Easter

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!