Crypto’s Oct. 10 plunge looks more like a stress test than a regime change, Bitwise Chief Investment Officer Matt Hougan wrote in his Oct. 14 memo.

Hougan links the sell-off to a late-Friday post from President Trump threatening 100% tariffs on Chinese goods; with equities shut, he wrote, traders funneled reaction into the always-open crypto market. As prices slid, he said, highly leveraged positions were liquidated in sequence, deepening the move.

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