Bitcoin Plummets to Three-Month Low, Drags Major Cryptocurrencies Down

Bitcoin's price has plummeted to a three-month low, falling below $88,000, and taking several major cryptocurrencies with it. Dogecoin (DOGE), Ethereum (ETH), Solana (SOL), and XRP have all recorded double-digit losses in the past 24 hours.

Bitcoin crashed as low as $87,115, according to data from CoinGecko, and at the time of publication, it has dropped to $87,657, down 8% on the day and erasing the past week's gains. Analysts have attributed the recent losses to a variety of factors, including the lack of confirmation about a U.S. national Bitcoin reserve and failed state-level proposals to introduce BTC reserves.

Analysts also noted broader pessimism around the impact of the Trump administration’s tariffs and the current state of the U.S. money supply. However, Bitcoin's recent performance has been relatively resilient compared to SOL and DOGE, which have been among the worst-performing large-capitalization digital assets in recent months.

Solana (SOL) is down 13.7% in the past 24 hours to $135.46, dipping to levels not seen since early September 2024. It has fallen 46.6% over the past 30 days. The dip comes after Argentine President Javier Milei was hit by scandal and legal action related to his promotion of LIBRA, a token based on the Solana blockchain.

Dogecoin (DOGE) is down 13% in the past 24 hours, hitting $0.1192, its lowest price since November. It has registered losses of 43% month on month. The sharp fall comes as DOGE garners attention in mainstream media due to high-profile controversies involving Dogecoin fan and Tesla CEO Elon Musk, and the meme coin’s namesake the Department of Government Efficiency (DOGE).

Ethereum (ETH) has fallen 11.3% to $2,374 in the past 24 hours, broadly in keeping with the rest of the altcoin market. Meanwhile, XRP is down 15.6% in the past 24 hours to $2.08