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Bitcoin and Ethereum Dip as PEPE Falls 9% on Fading Meme Coin Mania

Bitcoin slid on Wednesday—and took the rest of the crypto market with it—in what has been a sluggish month for the asset.

The biggest cryptocurrency by market cap was trading for $27,105 at 9am New York time, down 3% in 24 hours, according to CoinGecko.

At one point, it slid sharply and nearly dropped below the $27,000 mark. Late last night it was trading for $27,626.

Ethereum, the second biggest digital asset, was also down, trading for $1,868, a 2.3% drop in the past day.

Nearly all the top coins and tokens shed value today, with Solana, Polygon, and Dogecoin all experiencing significant sell-offs.

And meme coin mania seems to have died down: Pepe, a new token launched at the end of April which experienced astronomical gains, dropped by 9% in 24 hours.

Sui, a highly-anticipated layer-1 blockchain which launched last month, has also been hit particularly hard, trading at a 24-hour loss of over 6% for $0.96.

The sharp drop in prices comes as the U.S. Congress races to carve out a debt-limit deal to avoid a default in the world's biggest economy. Treasury Secretary Janet Yellen warned weeks ago that it would be an "economic catastrophe" were the U.S. were to default on its debt.

Bitcoin Trades at 18% Discount on Binance Australia as Exchange Cuts On-Ramp

And a top U.S. Federal Reserve official today said that there was no compelling case for the central bank to stop hiking up interest rates: a strategy which has led investors to shift "risk-on" assets like equities and cryptocurrency.

Incidentally, the S&P500 and Dow Jones Industrial Average indices were down on Wednesday too.

Investors also are more focused on tech stocks, particularly due to a surge in interest in the artificial intelligence sector. Computing company Nvidia yesterday overtook tech giants Tesla and Meta in terms of market cap, soaring to a market capitalization of more than $1 trillion.

Bitcoin last month touched a 10-month high of $30,000 per coin. It has since dropped, but the asset is up considerably since the start of the year, when it was trading for just $16,615.