Fervor for Crypto Memecoins Like Pepe, Dogwifhat Stalls as Fed Rate Bets Shift

Bitcoin sank amid cooling demand for dedicated US exchange-traded funds and ebbing bets on looser Federal Reserve monetary policy.

The digital asset fell as much as 5.7%, briefly dipping below $66,000 for the first time since March 24, before reversing some losses as of 6:30 a.m. in New York. Tokens earlier favored by the meme crowd such as Pepe and dogwifhat also slumped, sending a gauge of smaller digital assets to its biggest two-day slide in about two weeks.

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