Crypto Flash Crash Wipes Out $108 Billion in Six Minutes

August 22, with reported market capitalization falling about $108 billion in six minutes. CoinGlass data cited by KuCoin and other crypto publications showed hundreds of thousands of traders liquidated and more than $1.7 billion in positions forcibly closed over 24 hours. Bitcoin briefly fell near $76,500, while Ethereum reached about $2,426 and XRP experienced a much steeper intraday decline. The TOTAL3 index, excluding Bitcoin and Ethereum, reportedly dropped roughly $53 billion in minutes. CoinGlass confirms that its liquidation datasets aggregate exchange data and track long and short positions, but its currently accessible public dashboard does not preserve the event’s historical figures in the page output reviewed today. Coverage across same-day reports also differs on the precise liquidation totals, with later reports citing about $1.35 billion to $1.8 billion. The evidence supports a major liquidation cascade, but not a proven single trigger. �