The price of bitcoin, the world’s largest cryptocurrency by market capitalization, was down 99% on crypto tracking site CoinMarketCap. But don’t worry, your bitcoins aren’t suddenly worthless. The extreme drop in prices was due to a glitch on the website, which surfaced during the early hours of Wednesday.
The glitch wrongly displayed cryptocurrency trading prices and was solved after nearly an hour. Pricing data has since come back to normal at press time, but data for all-time highs for cryptocurrencies remains faulty. For example, bitcoin’s all-time high is still being displayed as $8.6 million on CoinMaketCap, which is far beyond its $69,000 peak in May 2021, as per CoinGecko.
This led to the price of bitcoin being displayed as high as $789 billion, giving it a market capitalization of $14.7 quintillion. Other large-cap cryptocurrencies like ether and ADA witnessed similar woes, reaching prices as high as $757,200 and $256, respectively. The real prices, at press time, are $3,867 and $1.25.
“This recent glitch is exactly why blockchain applications and smart contracts need to use decentralized oracle networks like Chainlink,” he said in a message to CoinDesk. “Relying on a single oracle, or a single source of data, is a recipe for disaster that undeniably puts user funds at risk.”
Also, some decentralized finance (DeFi) projects that use CoinMarketCap data halted their offerings as a measure to protect their mechanisms. “Due to an error with the CoinMarketCap API, all DeFiChain Vaults have automatically been halted, for now, ensuring the safety of your loans,” said DeFiChain, a bitcoin-centric lending service.
Meanwhile, CoinMarketCap addressed the glitch and detailed the next steps in a tweet this morning, “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.”
This content was originally published here.