The crypto market has crashed today and there's blood in the streets. Crypto is more volatile than traditional markets and while most stocks would panic at a 10% drop—all coins fell by at least this amount.

At the far end of the spectrum, the most badly burnt coins dropped by at least 40%. These were Maker (MKR), Matic Network (MATIC), Aave (LEND),  Hedera Hashgraph (HBAR) and Chainlink (LINK).

A look at the price of Bitcoin. Image: Shutterstock.

Bitcoin flash crash liquidates $750 million in one day

The Bitcoin (BTC) price crash has claimed its first victims. A total of $753 million was liquidated on Bitcoin futures trading exchange BitMEX in the last 24 hours, according to data site DataMish. The majority, some $646 million, came in the last hour. Holy liquidation. $665 million longs liquidated on BitMEX!!! pic.twitter.com/Em5hghkn2R — Ryan Selkis (@twobitidiot) March 12, 2020 On crypto exchange Bitfinex's futures platform, $38 million was liquidated. Crypto commentator Joseph Young n...

NewsMarkets
2 min read
Tim Copeland

Maker, the governance token behind the Ethereum stablecoinstablecoin DAI, is currently performing worst of all after suffering 41.5% losses in the last day, falling from $500 down to $310. It lost $190 million of its market capitalization.

Matic Network—a cryptocurrency designed to handle more transactions—isn't performing much better and collapsed to its lowest value since October 2019.

Decentralized lending protocol Aave and blockchain-based payment network Hedera Hashgraph also took a serious beating today. Aave has now seen much of its 2020 gains wiped off after falling back to $0.0244, whereas Hedera Hashgraph has now experienced two back-to-back crashes in a month, sending it tumbling back to $0.0318.

C
LINK
-4.34%$13.99
24H7D1M1YMAX
Created with Highcharts 10.3.3May 4May 6May 8May 10May 12May 14May 16May 18May 20May 22May 24May 26May 28May 30Jun 1$13$14$15$16$17$18
Price data by
LINK price

It isn't just mid-cap coins suffering either. Chainlink is a protocol for connecting blockchains to real world data and is currently the 12th largest cryptocurrency by market capitalization. It saw 40% losses today pushing the price of LINK as low as $2.50—a value not seen since January.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.