The global cryptocurrency market lost $58 billion in a flash crash on Thursday morning as bitcoin makes a retreat. The combined value of the world’s cryptocurrencies dropped from $386 billion to $328 billion – a 14.9% loss overall.
Just hours previously Bitcoin had been flirting with the $14,000 mark; now, BTC is struggling to keep a foothold on $11,500.
Worst affected was the altcoin market, which saw one cryptocurrency lose in excess of 30% in a flash. Major cryptocurrencies didn’t avoid the carnage either, with Litecoin, EOS and Bitcoin SV all losing close to, or in excess of 20%.
Bitcoin Flash Crash: Altcoins Bleed Out
Minor altcoins bled out profusely on Thursday morning. Among the cryptos listed on CoinMarketCap’s front page, Energi (NRG) took the worst hit.
NRG traded at a price of $9.43 on Wednesday evening. Just over twelve hours later and it had lost 32.6% of its value, falling to $6.35.
Bitcoin SV (BSV)
The contentious hardfork of Bitcoin Cash (BCH), Craig Wright’s favored crypto Bitcoin SV lost 21% during the morning flash crash. BSV traded at a peak value of $250.06 late on Wednesday evening. By Thursday morning the coin price had dropped to $195.97.
Bitcoin SV had recorded miraculous gains of late, despite blockchain data suggesting the crypto network was a “ghost town”. BSV’s gains matched the velocity of its losses, as it incurred the largest shortfall of all the coins in the market cap top 10.