PANews, October 12—According to Cointelegraph, investment analyst Kobeissi Letter stated that Friday's sudden market crash caused some cryptocurrencies to plunge by 95% in less than 24 hours, but this does not indicate a long-term bearish outlook or a deterioration in fundamentals.
The analyst wrote that Friday's market crash was triggered by a series of short-term factors, including "excessive leverage and risk," as well as U.S. President Donald Trump announcing a 100% tariff on China. There was a significant long bias in the market, with long positions liquidated amounting to $16.7 billion, while short positions liquidated were only $2.5 billion, a ratio close to 7:1.