CoinMarketCap crashes, driving the price of Bitcoin to absurd highs of $ 852 billion
The price aggregator site CoinMarketCap encountered a bug in their system that resulted in amazing numbers for price, market capitalization and more being displayed. The Bitcoin price was driven to USD 852 billion and it took an hour for the system to perfect the technical flaws.
Bitcoin price hitting nearly $ 1 billion on CoinMarketCap is real …
While the funds and tokens are correctly displayed in the user’s wallet, their value is not displayed. This mistake caused a wave of noise on social networks. Several Twitter posts indicate that TrustWallet is also crashing due to a bug from CoinMarketCap. It is not alone, however. Exodus also shows false balances. Coinbase was also affected. The exchange uses the CoinMarketCap metric to show the value of assets it doesn’t list, such as: B. XRP.
A bug on the CoinMarketCap website shows that almost every coin is being sold at sky-high prices | Source: CoinMarketCap.
CoinMarketCap acknowledged the technical issues, saying, “It has been reported that the technical team at http://CoinMarketCap.com has inaccurate pricing. We are currently investigating and will update the situation as soon as we have more information. ”
At the moment this tweet has been deleted, replaced with an apology and a statement that the bug has been fixed.
After the irregularities we noticed on our platform this afternoon, despite the problem being resolved, as a final step we will restart our servers according to our internal remedial plan. Sorry for the inconvenience.
– CoinMarketCap (@CoinMarketCap) December 15, 2021
“After the anomalies we observed on our platform and the problem has been resolved, we will still be restarting our servers as the last step in our internal remediation plan. . Sorry for the inconvenience”.
This bug can also affect trading bots using the CoinMarketCap API which will respond to what appear to be higher prices. After falling to $ 46,600 yesterday, the BTC price rose to $ 48,700. At the time of writing, BTC is trading at $ 47,930. This mistake from CoinMarketCap, while not correct, may have contributed to real stagnation in the market rally if users rushed to back off before looking closer.
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