CoinDesk (@CoinDesk): RECAP: Five years ago today, crypto had its worst single-day crash in history.
Estimated coin impact
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RECAP: Five years ago today, crypto had its worst single-day crash in history. $BTC -30%. $ETH -40%. $DOGE -45%. $ 8B+ liquidated in 24 hours. 775,000 traders wiped out. The catalyst sequence: @elonmusk pulled Tesla's $BTC payments on May 12. China's PBOC banned financial institutions from crypto on May 18. @Binance, @Coinbase and @RobinhoodApp all went down as traders rushed the exits.