{"id":60673,"date":"2020-03-12T15:06:23","date_gmt":"2020-03-12T13:06:23","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=60673"},"modified":"2020-05-27T02:40:32","modified_gmt":"2020-05-27T00:40:32","slug":"link-link-worst-hit-by-flash-crash-falls-to-0-0001-on-binances-spot-market","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/link-link-worst-hit-by-flash-crash-falls-to-0-0001-on-binances-spot-market\/","title":{"rendered":"Chainlink (LINK) Worst Hit by Flash Crash, Falls to $0.0001 on Binance&#8217;s Spot Market"},"content":{"rendered":"<p><strong>In brief:<\/strong><\/p>\n<ul>\n<li><strong>The crypto markets lost $50 Billion in market capitalization as a result of today&#8217;s flash crash.\u00a0<\/strong><\/li>\n<li><strong>Bitcoin (BTC) fell to an average of $5,500 on major spot markets.<\/strong><\/li>\n<li><strong>Chainlink (LINK) worst hit by the carnage as the cryptocurrency briefly traded at $0.0001 before rebounding above $2.<\/strong><\/li>\n<\/ul>\n<p>March 12th, 2020, will be forever etched onto the memories of crypto traders as the markets lost $50 Billion in market capitalization in a matter of minutes as a result of the global <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoins-btc-biggest-test-will-be-a-coronavirus-induced-recession\/\">impact of the Coronavirus<\/a>. This, in turn, saw <a href=\"https:\/\/en.ethereumworldnews.com\/why-bitcoin-btc-is-in-a-free-fall-and-key-levels-to-watch\/\">Bitcoin (BTC) fall<\/a> from levels above $7,800 to $5,500 in a matter of minutes. This crash by BTC was the equivalent of a 30% drop.<\/p>\n<h2>ChainLink (LINK) Momentarily trades at $0.0001<\/h2>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/03\/LINKUSDT-12th-March.jpg\"><img src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/03\/LINKUSDT-12th-March-1024x471.jpg\" alt=\"\" title=\"\"><\/a><\/p>\n<p>However, the worst-hit crypto was Chainlink (LINK) which momentarily traded at a value of $0.0001 on Binance&#8217;s spot market as a result of the market turmoil. The 1-hour chart above gives a better visual cue of the situation.<\/p>\n<h2>What Exactly Happened to LINK\/USDT on Binance?<\/h2>\n<p>At the time of writing this, there has been no direct communication by Binance on what really happened to the LINK\/USDT spot trading pair. The only assumption that can be made is that the price drop was organic and due to panic selling as investors placed market sell-orders to lessen their losses during the flash-crash. Consequently, supply exceeded demand and only the lowest bids at $0.0001 were available. Consequently, this is what got filled in the panic market selling.<\/p>\n<p>Further analyzing the situation from the point of view of the individual who bought at this &#8216;insanely&#8217; discounted price, we can conclude that s\/he is one lucky trader. LINK\/USDT is trading at $2.37 on the spot market on Binance at the time of writing this. This indicates a 2,370,000% increment in value from $0.0001. One hundred dollars would have easily been converted into $2,370,000 in a matter of minutes.<\/p>\n<h2>LINK Dropped to $1.813 on Binance Futures<\/h2>\n<p>Double-checking the uniformity of this event across all Binance platforms, we find that the futures contract on LINK\/USDT only fell to $1.813 in the same time period. LINK\/USDT is currently trading at $2.30 on Binance futures at the time of writing this.<\/p>\n<p>(Image courtesy of\u00a0<a href=\"https:\/\/unsplash.com\/@hermez777?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Hermes Rivera<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/s\/photos\/hit?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Unsplash<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In brief: The crypto markets lost $50 Billion in market capitalization as a result of today&#8217;s flash crash.\u00a0 Bitcoin (BTC) fell to an average of $5,500 on major spot markets. Chainlink (LINK) worst hit by the carnage as the cryptocurrency briefly traded at $0.0001 before rebounding above $2. March 12th, 2020, will be forever etched onto the memories of crypto traders as the markets lost $50 Billion in market capitalization in a matter of minutes as a result of the [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":60677,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[27,108032],"tags":[1119,1233,5749,7766,83],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/60673"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=60673"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/60673\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/60677"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=60673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=60673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=60673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}