One of the most popular cryptocurrency quote aggregators, CoinMarketCap, was recently afflicted by a significant flaw.
For a few minutes, the site displayed inaccurate valuations. Bitcoin, for example, is the most valuable currency on the planet, with a market capitalization of over $ 778 billion.
Bitcoin price has dropped to roughly $48,000 after surging above $65,000.
This is also true for all of the digital currencies listed on CoinMarketCap. When it was first published, Ether, the second digital currency on the market, was worth more than $ 9 billion, but its price has stayed consistent at roughly $ 4,000 since then.
Finally, everybody who invested in digital currencies discovered that they had amassed vast wealth. The big flaw only affected stablecoins like Tether’s USDT and Circle’s USDT.
DUE TO A BUG, THE PRICE OF CRYPTOCURRENCIES HAS INCREASED TO BILLIONS OF DOLLARS.
CoinMarketCap instantly validated the presence of default. “Even though the problem has been fixed, we will restart our servers as a final step in our internal remediation procedure following the anomalies identified on our platform this afternoon.” “Please accept our apologies for any inconvenience,” the website says. “How did it feel to be a trillionaire for a few hours?” After the occurrence, the platform quipped on Twitter, “How does it feel to be a trillionaire for a few hours?”
Many services rely on CoinMarketCap and its API to display real-time pricing, worth highlighting. Hundreds of websites and services demonstrated outrageous prices for a limited time.
Coinbase, one of the world’s most prominent cryptocurrency trading platforms, CNBC, TrustWallet, a popular digital wallet, and Yahoo Finance, are all examples of this. On the other hand, the latter has lost value, with a Bitcoin currently trading at $ 30,000.