Bitcoin briefly crashes below $48,000 on upstart exchange despite crypto rally

A single large sell order triggered a 30% flash crash on decentralized perp exchange Lighter even as bitcoin was climbing elsewhere. What to know : Bitcoin briefly plunged to $48,000 on decentralized exchange Lighter, even as it rallied above $69,000 on major venues. A single 1,000 BTC sell order overwhelmed thin liquidity, triggering a rapid 30% flash crash. Lighter’s trading volumes have fallen sharply since its token airdrop, leaving order books thinner and more vulnerable to price shocks.