🔴 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.
Most other major tokens also followed the downtrend on Monday, with XRP , Solana and Polygon's MATIC losing over 8% each.
