Link, the seemingly unstoppable cryptocurrency has defied all odds and in the face of the coronavirus and set a new all-time high.
Yet somehow, during this morning’s insane volatility, the cryptocurrency flash crashed by 99% to nearly zero, reaching a price of just 0.0001 on the LINK/USDT trading pair.
Link Flash Crash Sends Soaring Altcoin Nearly to Zero
Markets are in complete ruin after recent attempts from high ranking global government policymakers failed to stifle concerns over the coronavirus with economic stimulus.
The stock market plunged further, and Bitcoin had a catastrophic collapse, falling in dramatic fashion by $1,800 in just 30 minutes.
The rest of the cryptocurrency market is also a sea of red, but all eyes are on the market’s rising star: Chainlink.
Link closed 2019 as a top-five performing altcoin, showing outstanding performance compared to the rest of the crypto crowd.
2020 has been no different, with Link smashing all expectations and reaching a new all-time high, even despite the rest of the market feeling the crunch of the coronavirus.
But early this morning on Binance, Link flash crashed amidst the extreme volatility and fell by over 99% to a price of nearly zero.
— Alex Krüger (@krugermacro) March 12, 2020
At the absolute low, Link reached 0.0001 USDT on the LINK/USDT trading pair.
The price immediately bounced just as quickly as it fell, and is now trading at current levels near $2.50 – around half of the asset’s all-time high it reached just days earlier.
The Crippling Impact the Coronavirus Is Having on Cryptocurrency
The impact coronavirus fears are having on the high-risk cryptocurrency market is significant. These speculative assets are highly susceptible to investor emotional state, which is currently in extreme panic.
Last night, news broke that the NBA was temporarily suspending the current season, all travel is suspended between the US and European countries outside of the UK, and film industry icon Tom Hanks and his wife have contracted the virus.
Related Reading | Is the Coronavirus The Black Swan Event That Crushes Cryptocurrency?
The combination of high profile news cases sent investors into a tailspin, prompting one of the worst selloffs the cryptocurrency market has ever witnessed. And there may not be an end in sight.
Link falling 50% from recent highs so quickly would normally be an ideal opportunity to load up on the asset at low prices, however, given the turmoil the markets are in, additional caution is warranted.
As with all investments, but particularly during this time of chaos, never invest more than what you can comfortably afford to lose. If a recession is near, protecting one’s capital and wealth preservation should take precedence over the dream of Lamborghinis, mansions, and moonshots.
Featured image from Shutterstock