CoinMarketCap Data Error Showed Bitcoin And Other Crypto At $Trillions
A data error on crypto data aggregator CoinMarketCap caused confusion on Tuesday evening showing incredibly high cryptocurrency prices, market capitalizations etc.
The bug was live for about an hour and has since been fixed.
Bitcoin’s market cap was shown as $14.7 quintillion. It also showed Cocos-BCX in first place on the list, despite a low market cap (even under normal circumstances).
CoinMarketCap, which is owned by crypto exchange Binance, jokingly tweeted:
“How did it feel to be a trillionaire for a couple hours?”
How did it feel to be a trillionaire for a couple hours??
As expected, the bug triggered a wave of social media attention. Some posts on Twitter indicated that TrustWallet, which offers a crypto wallet app, experienced issues in light of the CoinMarketCap bug. Bloomberg reported that Coinbase was affected too.
Some decentralized finance (DeFi) protocols also use CoinMarketCap as a source of price data.
DeFi protocol DeFiChain tweeted:
“Due to an error with the CoinMarketCap API, all DeFiChain Vaults have automatically been halted for now, ensuring the safety of your loans.”
Due to an error with the @CoinMarketCap API, all DeFiChain Vaults have automatically been halted for now, ensuring the safety of your loans.
This implies that perhaps loans could have been liquidated based on the incorrect price data.
The bug likely also affected trading bots using the CoinMarketCap API, which would have responsed to the seemingly higher prices.
Adam Cochran, partner at Cinneamhain Ventures tweeted:
“Kind of interesting that this rally started exactly at the same time as Coinmarketcap having a pricing bug (roughly 4:25-4:35pm ET). Wonder how many bots are using their API and just started aggro buying on “market movement. Wow and look at that the first 4 ticks after the bug is fixed are all red and below the trend.”
Kind of interesting that this rally started exactly at the same time as Coinmarketcap having a pricing bug (roughly 4:25-4:35pm ET)
Wonder how many bots are using their API and just started aggro buying on "market movement". pic.twitter.com/HMpJME71fS
“Following the irregularities we observed on our platform this afternoon, despite the issue having been fixed, we will be rebooting our servers as a final step in accordance with our internal remediation plan. Apologies for the inconvenience.”
Following the irregularities we observed on our platform this afternoon, despite the issue having been fixed, we will be rebooting our servers as a final step in accordance with our internal remediation plan. Apologies for the inconvenience.
