Warsh Speech Sparks Crypto Sell-Off: PEPE Dives 3.28% Amid Market Liquidations

PEPE saw a significant drop of 3.28% over a 16-hour period, but what caused this move? According to CoinMarketCap, it wasn't due to any PEPE-specific news or development.

A hawkish speech by Fed Chair Kevin Warsh emphasized the need for inflation to return to target and hinted at higher interest rates, pushing Bitcoin down 3% to around $77,800. The overall crypto market cap dropped roughly 2.7% to about $2.60 trillion.

PEPE, being a high-beta meme coin, tends to move more than the broader market when macro risk sentiment shifts. A modest repricing of Fed expectations knocked the whole crypto complex lower, and PEPE moved with that tide rather than against it.