In the midst of global turmoil both traditional financial markets and cryptocurrency markets have for lack of a better word ‘shit the bed’. At the time of writing this the total cryptocurrency market capitalization is down 50 billion dollars in the past 7 days.

Total Cryptocurrency Market Capitalization

Trading in the past 12 hours has brought Bitcoin from just under 8000$ to just above 6000$. Bitcoin may have been the loss leader causing prices to fall in other cryptocurrencies however it did not fair the worst by any means.

Bitcoin Price Over the Past 24 Hours

Many altcoins are down over 30% some even over 40%. However the one to that went the lowest was Chainlink by far. A flash crash on Binance’s LINK/USDT market occured at 10:45 UTC time bringing prices down to 0.0001 cent a Chainlink.

The Chainlink price sharply recovered however and now prices are now at a more regular level of $2.50. Still down 35% on the day.

Chainlink Flash Crash

There are a number of theories as to why the price fell so sharply. The most probable being that some large whale either market sold all of his chainlink in attempt to dump his bags before prices went lower, not understanding the lack of liquidity. Or, a whale accidentally fat fingered the market sell button completely clearing out the order book. Cascading stop-loss triggers may also be another cause.

The cheap Chainlink was probably grabbed by algorithms detecting the large unexpected decline in price evantually bringing prices back to normal. But if you were lucky enough to pick up some cheap Chainlink congratulations.