Major glitch sends crypto prices haywire on Coinbase and Coinmarketcap

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An investor checks cryp­to prices.

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

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