The cryptocurrency market saw a dramatic reduction in total market capitalization, losing over $130 billion in just 24 hours. This sharp decline was driven by significant price drops in major cryptocurrencies, including Bitcoin and Ethereum. The sell-off occurred against a backdrop of escalating geopolitical tensions and deteriorating macroeconomic conditions, which also affected gold prices, suggesting a broader liquidity shift. Despite the downturn, analysts express optimism for a potential recovery in the fourth quarter. They point to historical trends and on-chain data indicating that long-term holders remain steady, suggesting resilience in the market's foundation.