When Bitcoin falls, the rest of the cryptocurrency market often falls with it. In the past 24 hours, the largest cryptocurrency by market cap has fallen roughly 7% in what’s being called a “flash crash.” And it’s taken the crypto market on a bit of a ride, sending gaming-related tokens down anywhere from 5-15%.

Immutable’s IMX token is down roughly 9% in the past day, per CoinGecko data, with The Sandbox’s SAND token dropping about 12%, Axie’s AXS token dumping about 10%, and the GALA token plunging roughly 13%. Merit Circle’s new BEAM token is down approximately 9.5%, and ApeCoin fell 13%.

Many other gaming tokens are down in the past day, like “move-to-earn” game Stepn’s GMT token, Enjin Coin, Parallel’s PRIME token, and WAX.

All of the aforementioned cryptocurrencies are down overall in the past week, with many of the losses worsening after Bitcoin’s flash crash early Wednesday morning.

Over $550 million in crypto long positions were liquidated in the crash, according to CoinGlass data.

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Author: Kate Irwin

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