Crypto’s memecoin fervor stalls as bets on Fed rate cuts recede
crypto market is faltering as the path to looser monetary policy in the US becomes more challenging.
Coins earlier favored by the meme-trading crowd such as Pepe, dogwifhat and Bonk slumped over the past 24 hours, consigning a gauge of smaller digital assets to its biggest tumble on Monday in more than two weeks.
The retreat adds to signs that a steep crypto rally, including a Bitcoin jump to a record high, has lost some impetus as April begins. A more cautious mood is evident across global markets amid lingering US price pressures, which have led investors to curb wagers on looser Federal Reserve monetary settings.
The prospect of fewer Fed interest-rate cuts is having an impact “across crypto, where there has been a selloff as the week gets underway — no sector is unaffected, especially those where prices have outperformed Bitcoin over last six months, for example memes,” said Stefan von Haenisch, head of trading at OSL SG Pte in Singapore.
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Bitcoin has shed about 6% since hitting a peak of $73,798 in mid-March. A flood
