الحماس تجاه عملات السخرية المشفرة يتلاشى مع تراجع رهانات خفض الفائدة العملات المشفرة التي كانت مفضلة سابقاً بين الجمهور تراجعت خلال الساعات الـ24 الماضية

Speculative enthusiasm in the cryptocurrency market appears to be fading in light of the challenges faced by the US rate cut.

 Previously crowd-favorite cryptocurrencies (or memcoins), also called meme coins, such as Pepe, Dogwifhat, and Bonk, declined in the last few hours. Over the past 24 days, the smaller digital asset index recorded its lowest level in more than two weeks on Monday.

 This decline confirms that the sharp rise in cryptocurrencies, including Bitcoin's jump to a record high, has lost some momentum at the beginning of April. The more cautious atmosphere is evident in global markets amid continued price pressures in the United States, which has prompted investors to reduce their bets on the Federal Reserve taking an accommodative monetary policy.

 Is it a good time to invest in Bitcoin?

 Stefan von Hanisch, head of the trading department at OSL SG in Singapore, said that the decline in the possibility of a cut in US interest rates is affecting the cryptocurrency market, as selling operations appeared at the beginning of the week, and there is no sector that is not affected by this. Especially those that have shown better performance than Bitcoin over the past six months, such as meme coins.”

 Bitcoin decline

 Bitcoin has lost about 6% of its value since peaking at $73,798 in mid-March. The flow of inflows into Bitcoin spot ETFs has also begun to decline, affecting the largest digital assets.

 Bitcoin funds witness the largest withdrawal of funds for three days since their launch

 The supply of new bitcoins is expected to halve this month, an event that occurs every four years and which some traders see as a boost to the original cryptocurrency.

 Bitcoin was trading at $69,420 as of 9:58 a.m. on Tuesday in Singapore, continuing its decline of about 1.5% from the previous trading session in the United States.

 The top 100 currencies index rose 61% between January to March, the largest increase since the corresponding period in 2021. Investors are now anticipating smaller US interest rate cuts, which raises Treasury yields and the dollar, presenting an obstacle to speculative markets such as cryptocurrencies.