By Francisco Rodrigues (All times ET unless indicated otherwise)

A rapid and violent sell-off wiped more than $500 billion from crypto markets Friday, triggering forced liquidations, collapsing wrapped tokens, leading to nearly $20 billion in liquidations, and straining exchange infrastructure.

The flash crash, described by Bitwise portfolio manager Jonathan Man as possibly the worst liquidation event in crypto history, erased $65 billion in open interest and reset positioning to levels last seen in July.

The violent crash saw Bitcoin (BTC) drop 13% in a single hour before rebounding, while some tokens saw flash crashes of more than 40%. Since then, the market has been recovering, with the CoinDesk 20 (CD20) index now being up 7.7% in the last 24 hours, while still being down some 7.4%

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