TL; DR Breakdown
- CoinMarketCap suffered a glitch that sent crypto prices to the moon
- Bitcoin and Ethereum sold for $799 billion and $43 billion on exchanges
- Other platforms also suffered the same issue
The crypto market is one very innovative invention birthed through the introduction of Bitcoin and other digital assets. The prices of these assets rise steadily or more than normal. In order to track their prices, traders have often used platforms such as CoinMarketCap to do this. However, a major glitch on the CoinMarketCap platform yesterday saw the price of tokens surge as high as billions.
Bitcoin price on CoinMarketCap soared to $799 billion
The incident occurred towards midnight, with most traders already asleep to witness the groundbreaking price move by Bitcoin and other assets. According to CoinMarketCap data at the period, Bitcoin left its usual trade zone of around $48,000, skyrocketing by million of percentages to rest around $799 billion.
Other tokens were not left out in the fake price noon as second digital asset; Ethereum also strayed upward to trade around $43 billion during the period. Although most people do not particularly hold their assets on CoinMarketCap, a small portion of the crypto wallets and exchanges mirror the platform’s price data. With this, their users would be able to track the price of respective assets if they invest in the digital assets at the period.
Other crypto platforms suffered the same issue
One of such wallets caught during this glitch was Trust Wallet, with the wallet showing the same insane figures as CoinMarketCap. For instance, a trader has a few hundred or thousand dollars in his Trust Wallet, only to see his portfolio skyrocket by millions when he wants to track the performance of his portfolio.
Going by reports, Trust Wallet has the correct amount of token every user had but failed to show their correct balance in dollars. Besides Trust Wallet, other exchanges and wallets that were involved include Coinbase and Exodus wallet. Although the platform has failed to give a vivid account of how the issue occurred, it mentioned that its in-house technicians are working on the issue.
Although the incident occurred for some minutes, market analysts are concerned about the chances of rebound of the market. The market has been rallying recently after a series of decline runs. However, the error or glitch has been fixed now, and CoinMarketCap and other platforms are now showing the correct prices of digital assets.
BlockFi suffered an issue like this back in May after it mistakenly sent close to 100 users Bitcoin that wasn’t theirs. According to records, one user claimed the exchange sent him about $34 million worth of Bitcoin during the period. Acknowledging the error, the company urged the users to return the tokens and even planned to file a lawsuit if they failed to comply.
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