Crypto market was margin called which caused yesterday's overall crypto market value to fall about $300 billion in the past 24 hours, according to tracker CoinGecko.

This happened on the day that Bitcoin was officially made the legal tender in El Salvador where many residents flocked to download the digital wallet app called “Chivo”, after which the app crashed, leaving many Salvadorans unable to download it and get an initial $30 of free bitcoin.

The app went back online a few hours later, but in the other parts of the world people were panic selling their crypto seeing red signs next to almost all coins and tokens. 

Panic selling caused major crypto exchanges to freeze.

Coinbase, Kraken, Gemini had delays and performance issues, but while around the world many had problems selling their crypto, in the middle of the flash crash, El Salvador's president announced the country took advantage of "the dip" to purchase an additional 150 bitcoins, boosting its crypto holdings to about $25 million.

Many believe flash crash was caused with liquidations caused by leverage.

12 hours prior to the crash over $3.4 Bilions in positions was liquidated.

Yesterday's panic selling boosted demand for stablecoins.

Tether alone minted a fresh 2 billion USDT. Additionally, they sent 500 million USDT from their treasury to their favorite partner FTX. 

For those who invest in crypto for the long-term using a buy-and-hold strategy, swings like this are to be expected.

The recent dips are nothing to be overly worried about, according to Humphrey Yang, the personal finance expert behind Humphrey Talks, who says he avoids checking his own investments during volatile market dips.

“I’ve been through the 2017 cycle, too,” Yang says, referencing the ‘crypto crash’ of 2017 that saw many major cryptocurrencies, including Bitcoin, lose major value.

“I know that these things are super volatile, like some days they can go down 80%.”