Bitcoin sank amid cooling demand for dedicated US exchange-traded funds and ebbing bets on looser Federal Reserve monetary policy.<\/p>\n
The digital asset fell as much as 5.3% before paring some of the drop to change hands at $66,849 as of 11:41 a.m. Tuesday in Singapore.<\/p>\n
Tokens earlier favoured by the meme crowd such as Pepe<\/a><\/strong>\u00a0and\u00a0dogwifhat<\/a><\/strong>\u00a0also slumped, consigning a gauge of smaller digital assets to its biggest two-day slide in about two weeks.<\/p>\n This year\u2019s steep crypto rally is losing steam as lingering US price pressures lead investors to curb wagers on Fed interest-rate cuts, lifting Treasury yields and the dollar.<\/p>\n That\u2019s a more difficult backdrop for speculative corners of global markets such as the digital asset sector.<\/p>\n The changed views about the Fed are having an impact \u201cacross crypto, where there has been a selloff as the week gets underway \u2014 no sector is unaffected, especially those where prices have outperformed Bitcoin over last six months, for example, memes,\u201d said Stefan von Haenisch<\/a><\/strong>, head of trading at OSL SG Pte.<\/p>\n Bitcoin has shed about 10% since hitting a peak of $73,798 in mid-March. A flood of daily inflows into US spot-bitcoin ETFs has begun to ease, weighing on the largest digital asset.<\/p>\n Initial reports pointed to the possibility of a net outflow on Monday, according to data compiled by Bloomberg.<\/p>\n