The cryptocurrency market experienced significant turbulence, highlighted by a flash crash on the BitMEX exchange where Bitcoin's price momentarily plummeted to $8,900. This dramatic drop was triggered by a large sell-off, with a single trader disposing of over 400 BTC in a short period and incurring a loss of over $4 million due to slippage. Despite this, Bitcoin's prices quickly returned to normal. The incident, which occurred on Monday at 22:40 UTC, prompted BitMEX to launch an investigation into the unusual market activity. This flash crash is part of a broader market downturn, with over $600 million in long and short positions liquidated across digital asset contracts in a single day. Additionally, stocks related to cryptocurrencies, such as MicroStrategy and Coinbase, also saw declines, with MicroStrategy dropping by 8% but still up 137% over the past month, and Coinbase by 2.5%, yet up 32% in the same period.