Major glitch sends crypto prices haywire on Coinbase and Coinmarketcap
A major glitch sent crypto pricing data haywire on Coinbase and Coinmarketcap with tokens across the board showing runaway gains.
Investors have been taking to Twitter to share their excitement as crypto exchange platforms registered huge price increases across the board while others were left confused by supposed astronomical gains.
Coinbase Support said it had identified an issue affecting the displayed values of different coins. “We’re aware some customers are seeing inflated values for non-tradable crypto assets on Coinbase.com and Coinbase Wallet. This is a display issue only and does not impact trading,” Coinbase wrote in a tweet.
Coinmarketcap joked about the crypto prices issue on its Twitter feed asking disappointed investors: “how did it feel to be a trillionaire for a couple hours?”
Earlier today bitcoin’s price was displayed as high as $789bn, giving the project a market capitalization of $14.7 quintillion. Other popular crypto assets like ether and cardano also reached highs of $757,200 and $256 despite their real prices being closer to $3,867 and $1.25.
Trouble reportedly remains on the website this morning with prices being displayed at 99 per cent below their market value.
The need for reliable and definitive pricing in the crypto space is becoming increasingly pressing as large financial institutions enter the space. The FTSE Russell, which produces the benchmark FTSE 100 and Russell 2000 indices, shared with City A.M. that a comprehensive digital asset index is being developed.
Read more: Exclusive: FTSE plots development of digital asset index in crypto push