Analyst: This market crash does not imply a long-term bearish outlook or fundamental deterioration
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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