It is not uncommon for altcoins to lose a lot of value during volatile periods. In the case of ChainLink, there was a very steep drop which no one really expected to see.
Bitcoin dictates the pace of all cryptocurrency markets.
ChainLink Market Borks on Binance
When the leading currency drops by over 25%, alternative markets are likely to lose up to 50%.
Yesterday was not a fun day in that regard.
All markets lost a ton of value, and Bitcoin dipped as low as $4,100 at one point.
What is rather interesting is how the alternative markets behaved.
In the case of ChainLink, something very unusual took place.
While its chart is volatile too, the price had a massive flash crash.
At one point, the value of LINK had dropped to nearly $0.001.
As one would expect, this only took place on one exchange: Binance.
That platform sees some very unusual market activity in recent weeks.
All of this seems to date back to the unexpected outage due to retrieving proper market information.
Ever since, Binance has been well off the mark compared to other exchanges for some pairs.
It will be interesting to see if and when the company acknowledges this particular problem.
So, far communication has taken place yet.
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