Checking prices throughout the day is a pretty common practice for most crypto enthusiasts. However, if you had checked prices yesterday you might have been in for a surprise. CoinMarketCap was having issues with its data and displayed insanely high prices that had some holders scrambling to trade.
CoinMarketCap, or CMC, is the world's largest crypto price and data website by monthly usage and is the go-to website for most cryptocurrency holders to check token prices. In August 2021, CMC was purchased by Binance in an effort to make sure that volume measurements and other statistics were accurate and not manipulated. Many believed Binance having control over the website was the opposite of fairness in data and caused a lot of users to switch to an alternate site, CoinGecko.
For a brief period yesterday, the data was anything but accurate. Prices for tokens and coins were shown to be over 10000 times what they should have been due to poor API information. To make matters worse, many exchanges and mobile wallets use CMC as their data provider. This caused people to open their mobile wallets and find out they were undeniably rich for a short while. Users took to social media to post images around the internet of their exorbitant balances but were sad to find out they were unable to sell at these levels.
CMC was quick to post on Twitter to say this was not a hack but a minor glitch in their data. The website also had a laugh by posting and asking if everyone felt good being a trillionaire for a few hours.
Exchanges like Coinbase were quick to post notices inside wallets and exchanges to say that data was not correct and their true balances would return shortly.
During the skewed data, Bitcoin was showing at a value of almost $800bn per coin and Ethereum was showing $48bn per coin. Many crypto newbies were quick to message their friends and ask what was going on and if this was true. After a few hours, the issue was resolved and prices returned to normal. Did CMC was just predicting the future in 10 years? We can only hope!
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