Wrong quotes have made cryptocurrency investors ‘quadrillionaires’ on paper today. Here’s how the crypto community reacted.
Bitcoin has hit more than a few millionaires in recent years, as its value has risen since its inception over a decade ago, but an apparent display glitch has made investors considerably richer – at least on paper – for some time. time Tuesday.
Crypto sites, including the Coinbase Global COIN digital asset exchange,
and CoinMarketCap.com, acknowledged issues with posted quotes for some of the most popular cryptocurrencies, including bitcoin BTCUSD,
and Ether ETHUSD,
on the Ethereum blockchain.
The context: Coinbase and CoinMarketCap Briefly Post Cryptocurrency’s Erratic Price Action
Read also : The crypto market is worried about the Fed meeting and high inflation. Here’s why.
The popular data site CoinMarketCap.com showed a single bitcoin trading briefly at around $ 778,000,000,000, compared to its actual price of around $ 48,000.
One of the founders of dogecoin DOGEUSD,
Billy Markus, joked on Twitter that the snafu had made him an “unrealized quadrillionaire”, with the doge’s value also coming in at a price of $ 194,509 out of the roughly 19 cents posted on sites like CoinDesk.
Coinbase displayed an error message on its site for at least some users.
Even stable coins, which are intended to be pegged to a fiat currency such as the euro EURUSD,
or one US dollar DXY,
where showing unusual price quotes.
A single unit of the famous stablecoin Tether was priced at around $ 14 million, when in reality it is supposed to stand at $ 1. Another stablecoin, USD Coin, was listed at around $ 12 million, CoinMarketCap and other sites were showing.
A call to Coinbase representatives was not immediately returned, but the platform indicated via Twitter that it had resolved the issue.
A call to CoinMarketCap was also not returned, but the issue had been fixed on their site at the time of posting.
Some crypto buyers mocked their reaction when they attempted to withdraw the inflated funds. And others have joked about the difference between quotes on CoinMarketCap and their actual net values.
The display glitch comes about a week after the crypto faced a flash crash over the weekend that drastically reduced the value of a range of digital assets.
This time around, the problem seems to be almost entirely with erroneous quotes rather than actual price changes in the crypto markets.
To verify: “A perfect storm” as bitcoin stages a weekend crash that puts it on the verge of “blackout”. Here’s what crypto bulls are saying.