By Francisco Rodrigues (All times ET unless indicated otherwise)

The crypto market staged a fragile recovery after a violent flash crash on Friday erased more than $500 billion in value and forced nearly $20 billion in liquidations across derivatives platforms.

Bitcoin fell as much as 13% in an hour, bottoming near $102,000 before rebounding to now trade above $111,800. The broader market, as measured by the CoinDesk 20 (CD20) Index, climbed 11.8% from this week’s bottom, but dropped 3.5% in the last 24 hours to 3,727 points. It’s underperforming BTC, which dropped 2.8% in the same period.

Crypto market maker Wintermute said the sell-off unfolded in a tightly synchronized wave that tested perpetual contract trading platforms’ limits.

“Violent price movement quickly led to liquidity dis

See Full Page