Cheap Polkadot (DOT) at $0.20 Following a Flash Crash on Binance COIN Margined Futures

Polkadot’s DOT went through a major flash crash on Binance’s COIN-margined futures platform which saw its price reduced to $0.20.

The past couple of days have been somewhat challenging in the cryptocurrency market, as the entire capitalization saw around $150 billion wiped off.
The adverse developments followed Wall Street’s slump as legacy markets suffer throughout the entire week.
Meanwhile, Bitcoin’s realized correlation with the S&P 500 sits at a 5-month high which, naturally, reflects on the entire market.
One particularly peculiar thing took place on the Binance derivatives platform, Binance Futures.
More specifically, the DOT/USD Quarterly perpetual futures contract on the COIN margined section of Binance Futures went through a massive flash crash.

As seen in the above chart, the price declined from a high of $33.862 to a low of $0.20 in an instant.
This is the so-called flash crash event – an occasion where the price of an asset goes down tremendously and then recovers instantly.
Breaking down the chart to a 1-minute candle pattern reveals that the entire thing took no more than 60 seconds.
Nevertheless, in theory, those who had their limit orders placed lower should have benefitted from the immediate recovery of the price.
This is not the first time something of this kind has happened.
As CryptoPotato reported last year, Bitcoin’s price flash crashed on Bitstamp.