In the past 24 hours, the cryptocurrency market has experienced a dramatic shakeup.

Dogecoin (Doge), Ethereum (ETH), Solana (SOL), and XRP all faced double-digit declines, while the price of Bitcoin also plummeted below $88,000, hitting a new low in three months.

According to Coingecko data, Bitcoin had fallen to $87,657 at the time of publication, with a daily drop of 8%, completely wiping out its gains for the week.

Analysts point out that this round of decline is driven by multiple factors, including the failure of the U.S. National Bitcoin Reserve Plan to gain approval and the failure of state-level BTC reserve proposals in states like South Dakota and Montana. Additionally, the tariff policies of the Trump administration and the current state of U.S. money supply have also triggered widespread pessimism in the market.

In contrast, Bitcoin's performance is still relatively stable. Digital assets like SOL and Doge have performed poorly in recent months, especially Doge as a representative of meme coins, whose price drop is particularly notable.

SOL dropped 13.7% in the past 24 hours, falling to $135.46, marking a new low since early September; while Doge also fell by 13%, dropping to $0.1192, hitting its lowest price since November. The declines of both are not only reflective of the sluggish market sentiment but are also closely related to a series of scandals and controversies.

Ethereum (ETH) and XRP also did not escape unscathed. ETH dropped 11.3% in the past 24 hours to $2,374; while XRP fell 15.6% to $2.08.

As the total market capitalization of the entire cryptocurrency market fell nearly 10% in the past 24 hours to $2.98 trillion, market sentiment has become increasingly pessimistic. The Crypto Fear & Greed Index also dropped to its lowest point of 25 since September, indicating that the market is in a state of extreme fear.

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