Jinse Finance reported that the crypto market experienced a sharp plunge yesterday, triggering forced liquidations of approximately $20 billion, marking a new single-day historical high. Analysts from Kobeissi Letter pointed out that this plunge was a technical correction and does not indicate a deterioration of long-term fundamentals. In the short term, prices may continue to fluctuate, but after leveraged traders are flushed out, the market is expected to accumulate momentum for the next round of gains.