On December 14, 2021, many hodlers could feel really lucky, at least for a few minutes. All thanks to the crypto data aggregator Coinmarketcap. An error that occurred on the site caused almost all cryptocurrencies to show huge increases.
Bitcoin worth 850,867,136,053.72 USD, Ethereum oscillating around 179 billion dollars or BNB at 33 billion USD. These were the prices seen yesterday by Coinmarketcap users. Even stablecoins skyrocketed. USDC reached $42,042,904, and USDT $69 million per token.
The pricing inconsistency has also affected other service providers. Users of some cryptocurrency wallets (such as Trust Wallet), which get their data from Coinmarketcap, also reported that their fiat balances had skyrocketed. It’s worth noting, however, that their cryptocurrency balances were still in line with reality.
Various sites tracking cryptocurrency prices were also affected by the bug. For example, CNBC was showing trillion-dollar gains while Yahoo Finance saw BTC fall to around $30,000.
It seems that this was an API bug. No exchanges have noticed any unusual behavior or significant price fluctuations. A few minutes after the bug was discovered, the Coinmarketcap team managed to fix it, returning everything to normal.
The Binance-owned platform has not yet announced the cause of this curious glitch, though it did say it would reset its servers as an additional security measure.
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.
— CoinMarketCap (@CoinMarketCap) December 15, 2021
Crypto Twitter Creates Memes and Makes Jokes Out of Situations
During these events, the price of the primary cryptocurrency did not show any alarming reaction. In fact, bitcoin closed the daily candle with a 3.5% increase. It has now corrected slightly and is hovering around $ 48,000.
However, members of crypto Twitter reacted quickly to the situation. Within seconds, many memes were created about the situation.
Even the Coinmarketcap team itself demonstrated excellent PR strategy by writing sarcastic and humorous comments.
If anything good came out of this it’s that #cryptotwitter
Is alive again 😅WELCOME BACK EVERYONE WE MISSED YOU 💙 🤍 pic.twitter.com/mOEULUTLOi
— CoinMarketCap (@CoinMarketCap) December 14, 2021
