CoinMarketCap Problem Lists Bitcoin At $ 799 Billion, But Coinbase Beats That Astronomical Price As Its Own Crypto Data Goes Crazy | Currency News | Financial and business news

• CoinMarketCap and Coinbase temporarily posted sky-high crypto prices on Tuesday, leading some users to believe they made oversized gains.
• Both platforms said the issue was resolved, but did not explain the cause of the incident.
• The tweets showed the price of bitcoin at $ 799 billion on CoinMarketCap and $ 887 billion on Coinbase.

Popular data provider CoinMarketCap and cryptocurrency exchange Coinbase briefly showed significantly inflated cryptocurrency prices on Tuesday following apparent issues on their respective platforms, leading some users to believe that they had made huge gains on client holdings.

Tweets from unverified accounts have been displayed bitcoin value on CoinMarketCap at $ 799 billion per coin, which gives it a market value of 14.7 quintillion. Another one tweet showed it trades even more at $ 887 billion per coin on Coinbase.

CoinMarketCap said on Tuesday that its engineering team was aware of incorrect pricing information on its site, which appears to have lasted for about an hour. Shortly after, he said the team “has rolled out a fix, all pricing must be correct.” The data aggregator, which is owned by Binance, said there was no evidence to suggest its problem was caused by an outside party, Bloomberg reported.

This too joked about the incident on Twitter, saying “How does it feel to be a billionaire for a few hours?”

Coinbase also acknowledged the problem in a Tweeter, claiming that he knew some users were seeing inflated values ​​for non-tradable crypto assets. “This is just a display issue and has no impact on trading,” the company said.

Later on Tuesday, Coinbase confirmed that the issue had been resolved and that prices should again reflect the correct market value. A representative for Coinbase declined to comment further on the incident.

It is not clear for how long crypto prices have been incorrectly reflected on Coinbase. But the outage took about two hours for the team to fix, according to the time interval between tweets on its support page.

Kris Marszalek, CEO of crypto exchange Crypto.com, noted the company is already working on removing CoinMarketCap’s “unreliable price feed” from its product.

The bug triggered a flow of users tweeting about oversized earnings.

As one of the most widely used websites for crypto data, the CoinMarketCap error actually has major implications for blockchain applications that depend on it as the sole source of financial data, according to Sergey Nazarov, co-founder of the Oracle Chainlink network.

This is because there could have been heavy user losses and false liquidations if a blockchain lending app had used a single source to price an asset.

“Relying on a single oracle, or a single source of data, is a recipe for disaster that undeniably puts user funds at risk,” Nazarov said.

Trading issues are not new to the crypto world. A bug took bitcoin 90% to around $ 5,400 on the Solana-based Pyth network in September. Separately, bitcoin briefly fell to around $ 8,000 on Binance’s U.S. trading platform in October.

“Following the irregularities we observed on our platform this afternoon, although the issue has been resolved, we will restart our servers as a last step in accordance with our internal remediation plan,” CoinMarketCap noted Wednesday. “Apologies for the inconvenience.”

Crypto prices appeared to have returned to normal on both platforms on Wednesday, showing bitcoin trading around $ 48,200.

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