The magnitude of a flash crash refers to the size of the price decline, which is typically significant and exceeds 10% or more. This can include:

- A 10% to 20% decline in a matter of minutes or hours

- A 20% to 30% decline in a matter of hours or days

- An even larger decline in extreme cases

The magnitude of a flash crash can have a profound impact on financial markets, including:

- Increased volatility

- Market panic

- Liquidity crises

- Systemic risk

- Investor losses

The magnitude of a flash crash can also vary depending on the specific market or asset, with some experiencing larger declines than others. Understanding the magnitude of flash crashes is crucial for investors, regulators, and market participants to develop effective risk management strategies and mitigate their impact.