Wrong Data Show ‘Cryptocurrency Wallet Balances Swell to Trillions’
That Was Just A CoinMarketCap Data Error
Last night the CoinMarketCap price information glitch showed cryptocurrencies worth billions and trillions a singe coin. If you had 1 ETH and were just returning to your CoinBase app, imagine seeing you have become a billionaire in just the last 15 minutes.
Nothing extraordinary happened that might have pushed cryptocurrency prices to skyrocketing. Still, many cryptocurrency exchanges were showing wallets swell up to billions.
CoinMarketCap, which happens to be the primary data source for many cryptocurrency exchanges across the globe, was showing a single Ethereum coin worth billions across the all exchanges.
For example Trust Wallet and CoinBase embed price data from CoinMarketCap, their user wallets ballooned and people were quick to notice that change. Many return to social media to confirm whether or not they have become billionaires. To no one’s surprise everyone was already talking about the CoinMarketCap data glitch or “the wrong data” which might have happened due to a hack or a system error.
CoinMarketCap tweeted about it saying that, “The Engineering team is aware of incorrect price information appearing on http://CoinMarketCap.com. We are currently investigating and will update this status when we have more information.”
Later they 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?😂
— CoinMarketCap (@CoinMarketCap) December 14, 2021
It might have been a glitch or was it just dubious speculation? 😅 https://t.co/Ue989hBs4v
— CoinMarketCap (@CoinMarketCap) December 14, 2021
It was not the first time data on CoinMarketCap was showing wrong figures, many times data about a coin’s supply or trading volume is also shown incorrectly. However, generally, it was not the first time either that a buggy situation has just happened. Back in May, this year, BlockFi who lends crypto to users, credited 100 users with Bitcoin accidentally.
The users on social media including especially Twitter and Reddit were quick to notice and mention about the glitch. Many were asking if it was real or just a glitch on Reddit. One user in the top cryptocurrency subreddit answered that in detail,
I mean… Yes. Yes it was a glitch. Obviously. You didn’t become the world’s first trillion in the blink of an eye.
I’ve seen at least like 50 people in this sub ask whether the spike was a glitch or not, and that’s at least like 50 people who have decided to put a couple hundred or even thousands or even more dollars into crypto. And they have to ask whether such an insane spike in price is a glitch?
Honestly, this is truly baffling to me. This kinda shows that a lot of people have put money into an asset they obviously don’t understand to the slightest degree if they think every coin went up by a couple million percent.
I truly hope you all (you know who) know what you’re doing and that crypto will be good for you eventually. But right now it’s looking kinda grim :/
Edit: thanks for the award! Or was that just a glitch?
