Premium Crypto TL;DRs

  TRENDING

Coinmarketcap Glitch Shows Prices Of Cryptocurrencies In The Order of Several Trillions of Dollars Per Coin

Share:

December 14, 2021, was the happiest day for a lot of cryptocurrency hodlers, even if it was only for a few minutes. All thanks to Coinmarketcap

A bug in Coinmarketcap—the most popular price aggregator in the cryptocurrency industry— started showing price spikes in the order of several trillions of dollars.

Coinmarketcap Glitch. Source: Coinmarketcap

Coinmarketcap And The Trillion-Dollar Bug

Bitcoin at $850,867,136,053.72, Ethereum at $179,598,602,169.65 and BNB at $33,520,911,478 were among the most notorious examples. Even stablecoins soared, with USDC showing a price of $42,042,904 and USDT at $69,894,267.23.

The price inconsistency affected other service providers. Users of some cryptocurrency wallets (such as Jax) that obtain data from Coinmarketcap also reported that their fiat balances had gone to the moon —although it is essential to note that crypto balances remained in line with reality.

Similarly, some websites that track cryptocurrency prices were also affected. For example, CNBC showed trillion-dollar rises in cryptocurrency prices while Yahoo Finance showed Bitcoin plummeting to the $30K range.

From its characteristics, everything seems to point to some API bug. No exchange registered any abnormal behavior or considerable price variation. A few minutes after detecting the error, the Coinmarketcap team managed to fix it, bringing things back to normal.

Price of Bitcoin according to Coinmarketcap. Image: Coinmarketcap
Price of Bitcoin according to Coinmarketcap. Image: Coinmarketcap

The Binance-owned platform has not yet reported the causes of this curious glitch, although they assured that they would reset their servers as an additional security measure.

The Crypto Community Has Some Fun

Bitcoin’s price did not have an alarming reaction during the events. In fact, the daily candlestick closed with a rise of 3.56%, going from about $46,736 to $48,389. Currently, it has corrected a bit, and each Bitcoin is trading very close to $48,000 – and a far cry from the $850 Billion.

But it was the members of Crypto Twitter who were quick to react, bringing out perhaps the latest arsenal of clever jokes and memes to “enjoy” their recently gotten wealth before returning to normalcy.

In fact, the Coinmarketcap team itself displayed an excellent PR strategy, getting closer to their community, and even making the occasional sarcastic and facetious comment.

Although there was no explanation of the cause of the error, Coinmarketcap was emphatic in pointing out that it was not a hack, however, this possibility was highly debated in social media.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.


Credit: Source link

More Posts
  • bitcoinBitcoin (BTC) $ 16,586.31 0.3%
  • ethereumEthereum (ETH) $ 1,221.87 2.32%
  • tetherTether (USDT) $ 1.00 0.05%
  • bnbBNB (BNB) $ 314.18 5.11%
  • usd-coinUSD Coin (USDC) $ 1.00 0.1%
  • binance-usdBinance USD (BUSD) $ 1.00 0%
  • xrpXRP (XRP) $ 0.408074 0.19%
  • dogecoinDogecoin (DOGE) $ 0.092496 4.45%
  • cardanoCardano (ADA) $ 0.320602 1.79%
  • matic-networkPolygon (MATIC) $ 0.862827 2.38%
  • polkadotPolkadot (DOT) $ 5.40 1.21%
  • staked-etherLido Staked Ether (STETH) $ 1,198.33 2.42%
  • litecoinLitecoin (LTC) $ 77.70 1.92%
  • shiba-inuShiba Inu (SHIB) $ 0.000009 1.17%
  • solanaSolana (SOL) $ 14.74 2.88%
  • okbOKB (OKB) $ 21.31 2.99%
  • daiDai (DAI) $ 1.00 0.01%
  • tronTRON (TRX) $ 0.053588 0.86%
  • uniswapUniswap (UNI) $ 5.54 0.85%
  • avalanche-2Avalanche (AVAX) $ 13.07 1.89%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 16,472.70 0.55%
  • leo-tokenLEO Token (LEO) $ 3.90 0.37%
  • chainlinkChainlink (LINK) $ 6.93 0.33%
  • cosmosCosmos Hub (ATOM) $ 10.32 3.27%
  • ethereum-classicEthereum Classic (ETC) $ 20.44 1.09%
  • the-open-networkThe Open Network (TON) $ 1.72 1.33%
  • moneroMonero (XMR) $ 138.60 1.92%
  • stellarStellar (XLM) $ 0.090277 0.11%
  • bitcoin-cashBitcoin Cash (BCH) $ 114.03 1.38%
  • algorandAlgorand (ALGO) $ 0.246953 2.66%
  • quant-networkQuant (QNT) $ 119.36 5.78%
  • crypto-com-chainCronos (CRO) $ 0.065452 1.45%
  • filecoinFilecoin (FIL) $ 4.35 0.47%
  • vechainVeChain (VET) $ 0.019211 0.78%
  • nearNEAR Protocol (NEAR) $ 1.67 2.18%
  • hedera-hashgraphHedera (HBAR) $ 0.050149 1.1%
  • apecoinApeCoin (APE) $ 3.35 3.34%
  • flowFlow (FLOW) $ 1.14 0.08%
  • fraxFrax (FRAX) $ 0.999269 0.14%
  • internet-computerInternet Computer (ICP) $ 3.99 3.74%
  • elrond-erd-2MultiversX (Elrond) (EGLD) $ 43.74 3.67%
  • eosEOS (EOS) $ 0.938905 0.3%
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000162 2.05%
  • chilizChiliz (CHZ) $ 0.177541 2.02%
  • theta-tokenTheta Network (THETA) $ 0.935597 1.35%
  • huobi-tokenHuobi (HT) $ 7.23 24.37%
  • chain-2Chain (XCN) $ 0.042618 0.88%
  • tezosTezos (XTZ) $ 1.00 1.08%
  • paxos-standardPax Dollar (USDP) $ 0.999222 0.03%
  • the-sandboxThe Sandbox (SAND) $ 0.579460 2.63%
  • trust-wallet-tokenTrust Wallet (TWT) $ 2.09 2.84%
  • lido-daoLido DAO (LDO) $ 1.12 1.08%
  • aaveAave (AAVE) $ 60.36 2.16%
  • true-usdTrueUSD (TUSD) $ 1.00 0%
  • bitcoin-svBitcoin SV (BSV) $ 40.40 1.29%
  • axie-infinityAxie Infinity (AXS) $ 6.76 1.05%
  • decentralandDecentraland (MANA) $ 0.401673 2.51%
  • usddUSDD (USDD) $ 0.994077 0.06%
  • kucoin-sharesKuCoin (KCS) $ 6.99 1.6%
  • bittorrentBitTorrent (BTT) $ 0.00000069 1.23%
  • aptosAptos (APT) $ 4.91 12.27%
  • pancakeswap-tokenPancakeSwap (CAKE) $ 4.09 2.4%
  • gemini-dollarGemini Dollar (GUSD) $ 0.998476 0.46%
  • iotaIOTA (MIOTA) $ 0.215058 0.9%
  • whitebitWhiteBIT Token (WBT) $ 4.92 0.22%
  • tokenize-xchangeTokenize Xchange (TKX) $ 7.42 3.23%
  • makerMaker (MKR) $ 649.96 0.63%
  • ecasheCash (XEC) $ 0.000030 0.7%
  • compound-usd-coincUSDC (CUSDC) $ 0.022715 0.08%
  • klay-tokenKlaytn (KLAY) $ 0.184235 3.89%
  • zcashZcash (ZEC) $ 41.99 0.1%
  • gatechain-tokenGate (GT) $ 3.65 2.08%
  • osmosisOsmosis (OSMO) $ 1.03 1.63%
  • neoNEO (NEO) $ 7.01 1.66%
  • btse-tokenBTSE Token (BTSE) $ 3.05 0.79%
  • fantomFantom (FTM) $ 0.191050 4.42%
  • the-graphThe Graph (GRT) $ 0.064876 2.81%
  • curve-dao-tokenCurve DAO (CRV) $ 0.755936 10.1%
  • pax-goldPAX Gold (PAXG) $ 1,757.62 0.57%
  • arweaveArweave (AR) $ 9.38 2.06%
  • dashDash (DASH) $ 41.57 0.85%
  • cdaicDAI (CDAI) $ 0.022140 0.12%
  • compound-ethercETH (CETH) $ 24.53 2.27%
  • tether-goldTether Gold (XAUT) $ 1,721.26 0.14%
  • havvenSynthetix Network (SNX) $ 1.72 1.93%
  • mina-protocolMina Protocol (MINA) $ 0.541514 0.43%
  • binaryxBinaryX (BNX) $ 151.17 6.1%
  • nexoNEXO (NEXO) $ 0.708884 1.95%
  • gmxGMX (GMX) $ 45.39 2.25%
  • ethereum-pow-iouEthereumPoW (ETHW) $ 3.43 2.41%
  • thorchainTHORChain (RUNE) $ 1.22 2.81%
  • zilliqaZilliqa (ZIL) $ 0.023150 0.3%
  • radixRadix (XRD) $ 0.034614 0.96%
  • basic-attention-tokenBasic Attention (BAT) $ 0.233346 1.52%
  • ethereum-name-serviceEthereum Name Service (ENS) $ 13.20 0.81%
  • kavaKava (KAVA) $ 1.01 3.52%
  • frax-shareFrax Share (FXS) $ 4.65 1.72%
  • heliumHelium (HNT) $ 2.48 2.11%
  • xdce-crowd-saleXDC Network (XDC) $ 0.023715 0.75%
  • rocket-poolRocket Pool (RPL) $ 17.22 3.09%