Crypto Flash Crash Wipes Out $400 Billion

HIGHLIGHTS

  • crypto flash crash swipes out more than $400 Billion worth wealth.
  • El Salvador became the first country in the world to embrace Bitcoin as legal tender on the day of the flash crash.
  • including dogecoin, cardano and ripple, were trading in the red by up to 20%.

On Tuesday evening, the world’s most valuable digital currency, bitcoin (BTC), fell more than 10% in an hour, while ether fell more than 15%.

The crypto flash crash swipes out more than $400 Billion worth wealth as per forbes and still getting down.

El Salvador became the first country in the world to embrace Bitcoin as legal tender on the day of the flash crash. Bitcoin, according to experts, was still in a bull market as long as the price remained above $43,000.

“Fundamentally, there isn’t any negative news in respect to this drop. Possibly, mass liquidation looks like the reason behind the drop at this point.” —Hitesh Malviya, founder, itsblockchain.com

El Salvador took advantage of the price drop and purchased 150 bitcoins. Prior to the adoption of Bitcoin, the Central American government had 400 bitcoins on hand. “Buying the dip. 150 new coins added,” El Salvador’s president Nayib Bukele tweeted.

“It appears the discount is ending. Thanks for the dip @IMFNews. We saved a million in printed paper. El Salvador now holds 550 bitcoin,” another tweet he added.

The crypto market’s sell-off was not restricted to bitcoin. At $3,463.62, Ether was trading roughly 13% lower. The world’s second-largest cryptocurrency was on the edge of breaking past the $4,000 mark earlier in the day.

A number of digital assets, including dogecoin, cardano and ripple, were trading in the red by up to 20%.

People started posting their frustated tweets on tge microblogging site and its kinda heart breaking to see portfolios getting lower.

Following the fall, the cryptocurrency market’s overall market capitalization decreased by about $400 billion to below $2.10 trillion.

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