In recent times, the descent of Bitcoin has been striking, influenced significantly by several factors, including a dwindling interest in US exchange-related funds and changing sentiments towards monetary strategies of the Federal Reserve. This led to a sharp plummet of 5.3% in Bitcoin's worth, eventually hovering around $66,735 during trading windows in Singapore.

In tandem with the decline of Bitcoin, tokens favored by meme enthusiasts, most notably Pepe and Dogwifhat, also underwent substantial devaluations. This collective downslope has sparked concerns within the cryptocurrency sector, suggesting a wider pattern of fragility amplified by ongoing economic strains in the United States and a reevaluation of investor outlooks concerning potential Federal Reserve adjustments to interest rates.

The downturn in Bitcoin's value carried a substantial effect on meme coins, encompassing Pepe Coin and Dogwifhat, both of which observed significant declines in their market prices. Pepe Coin, notably, faced a substantial dip of 12.07% over the past 24 hours and currently circulates at $0.0000072968, mirroring the general market vibe. Similarly, Dogwifhat, which recently soared to claim the third spot among memecoins with a market cap of $4.4 billion, underwent a downturn after hitting an all-time height of $4.85. These downturns hint at a probable conclusion to the rally in meme coins, with investor zeal dampening amid broader market ambiguities and the significant fall in Bitcoin's value.

In spite of anticipations of a positive influence resulting from the halving of new Bitcoin units this month—a cyclical occasion perceived favorably by some traders regarding Bitcoin—the recent performance of Bitcoin has been diverse. Following its pinnacle of $73,798 in mid-March, Bitcoin has faced hurdles, shedding approximately 10% of its market value. This dip has coincided with a deceleration in the regular influx into US spot-Bitcoin ETFs, signaling a transformation in investor sentiment. Currently, Bitcoin is pegged at a live rate of $66,524, with a 24-hour trade volume of $32 billion, denoting a 4.39% drop within the past day. Market analysts harbor varying outlooks on the future course of Bitcoin, with certain factions expecting further advancements propelled by the impending halving event, while others exercise caution due to the substantial price leaps of the cryptocurrency since early 2023 and the ongoing market volatilities.