Recently, the cryptocurrency market has faced multiple challenges and opportunities. Ripple was fined $125 million in a lawsuit with the SEC, reflecting the continued increase in regulatory pressure. In addition, changes in political dynamics, especially the "Crypto for Harris" movement, may affect the overall attractiveness of the industry. At the same time, the price of Bitcoin fell below $55,000, and Ethereum also fell below $2,500, showing insufficient market liquidity and cautious investor sentiment. From the perspective of technological development, Ethena Labs expanded its USDE to Solana, marking the gradual integration of the SOL ecosystem, which is expected to promote technological innovation in the industry. At the same time, the USDC payment function of the Arbitrum Orbit chain was launched, providing users with more flexibility. Binance Labs invested in the Solana ecosystem re-staking protocol Solayer, indicating that large institutions are still optimistic about this field. Comprehensive analysis of the current market shows that despite the impact of multiple negative news, the cryptocurrency market is still seeking technological breakthroughs and innovations. Overall, the cryptocurrency market is in a stage of adjustment, and future trends need to pay attention to regulatory policies and changes in market sentiment. The current market as a whole is showing a trend of oscillating callbacks.