Even if it only lasted a few seconds, December 14th 2021 was the most happy day for many cryptocurrency hodlers. Thanks to Coinmarketcap
Coinmarketcap, the most widely used price aggregator in cryptocurrency industry, was affected by a bug that caused price spikes up to several trillions of US dollars.
Coinmarketcap Glitch. Source: Coinmarketcap
The Trillion Dollar Bug and Coinmarketcap
The most famous examples were Bitcoin at $850.867,136.053.72, Ethereum @ $179,598,602,169.65, and BNB at 33.352,911,478. Stablecoins also saw a rise in value, with USDC at $42,042,904 while USDT was at $69,894,267.23.
Other service providers were affected by the price inconsistency. Some users of cryptocurrency wallets, such as Jax, that receive data from Coinmarketcap reported that their fiat balances went to the moon. However it is important to note that crypto balances remain in line with reality.
Some websites that monitor cryptocurrency prices were also affected. CNBC reported that cryptocurrency prices rose trillions of dollars, while Yahoo Finance saw Bitcoin drop to $30K.
Everything about it seems to indicate an API bug. There was no exchange that showed unusual behavior or significant price variations. The Coinmarketcap team was able to correct the problem in a matter of minutes.
Coinmarketcap.com: Bitcoin price Coinmarketcap Image
Although the Binance-owned platform has yet to report the cause of this strange glitch, they promised that they would restore their servers as an extra security measure.
We will reboot our servers to correct the issues we found on our platform today. We apologize for any inconvenience caused.
— CoinMarketCap (@CoinMarketCap), December 15, 2021
There are some great things about the Crypto Community
During the events, Bitcoin’s price didn’t experience an alarming rise. The daily candlestick ended with a 3.56% increase, moving from $46,736 up to $48,389. It has since corrected slightly and now each Bitcoin trades very close to $48,000, which is a far cry away from the $850 billion.
Crypto Twitter members were quick to respond, with perhaps the most clever memes and jokes to “enjoy”, their newly acquired wealth.
The Coinmarketcap team displayed a great PR strategy. They got closer to their community and made the occasional sarcastic or facetious comment.
This is what #cryptotwitter has to offer again.
WELCOME BACK TO EVERYONE THAT WE LOST YOU
— CoinMarketCap (@CoinMarketCap), December 14, 2021
Coinmarketcap did not provide an explanation for the error. However, it was clear that Coinmarketcap was correct in pointing out that it wasn’t a hack. This possibility was heatedly debated on social media.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.