Bitcoin’s Flash Crash Sends Shockwaves Through Gaming Token Market
Bitcoin’s recent flash crash has sent shockwaves across the cryptocurrency market, impacting various gaming-related tokens.
On Wednesday, Bitcoin (BTC), the largest cryptocurrency by market capitalization, experienced a rapid decline of approximately 7%, prompting a domino effect that saw gaming tokens losing anywhere from 5% to 15% of their value.
According to data from CoinGecko, following the Bitcoin crash, Immutable’s IMX token suffered a decline of around 9%, while The Sandbox’s SAND token dropped by about 12%.
Axie’s AXS token experienced a roughly 10% decrease, and the GALA token took a significant plunge of approximately 13%.
Additionally, Merit Circle’s BEAM token and ApeCoin fell by 9.5% and 13%, respectively.
Numerous other gaming tokens also faced losses within the past day, including the GMT token from the “move-to-earn” game Stepn, Enjin Coin, Parallel’s PRIME token, and WAX.
It is worth noting that these aforementioned cryptocurrencies have experienced overall declines over the past week, with their losses exacerbating following Bitcoin’s flash crash that occurred early on Wednesday morning.
As reported, CoinGlass data indicates that the crash led to the liquidation of over $550 million in crypto long positions.
More specifically, 172,626 traders were liquidated, with the total long liquidations coming in at $557 million and short liquidations coming in at around $58 million.
Crypto exchange OKX took the lion’s share of these liquidations at over $230 million, followed by Binance at $105 million and Huobi at around $74 million.
Bitcoin-tracked futures experienced $110 million in both short and long liquidations over the past day while Ethererum-linked futures saw over $82 million in
Read more on cryptonews.com
