The crypto market experienced a flashback from May 2021 as Bitcoin (BTC) crashed intra-day from nearly $52,850 to $42,843 within an hour. Over $3 billion of long positions were liquidated before BTC recovered to trade range-bound between $46,000 to $47,000 for the rest of the day. The crash came right on the heels of fairly bullish news of BTC becoming legal tender in El Salvador. The global crypto market cap plunged by 12.8 per cent to stand at $2.07 trillion as of 9 am IST. Trade volumes across exchanges went off the charts to $239 billion, an increase of 67 per cent, as panic and fear drove sell-offs in the market.