You aren’t a multibillionaire. However, if you’ve happened to check the price of your favorite crypto assets on Tuesday afternoon, you’d be excused for soiling your trousers. Unfortunately, the price increase was not genuine. Instead, the crypto surge appears to be the result of a malfunction at Coinbase and CoinMarketCap, shattering the dreams of many cryptocurrency investors.
The bug pushed the value of a single Bitcoin to almost $878 billion at one time. As a result, the value of cryptocurrency investors’ wallets skyrocketed from millions to billions of dollars.
The problem has been rectified, according to CoinMarketCap. Coinbase, the largest crypto exchange in the United States, made the same statement on Twitter, adding that trade remained unaffected. Coinbase stated that it’s still looking into asset pricing and trade challenges in Coinbase Wallet, which allows clients to manage their crypto assets, a few minutes later. Neither firm offered an explanation for what went wrong.
Countless crypto bros saw their net worth skyrocket into Elon Musk territory between the time the issue first appeared the time it was fixed—which was a couple of hours, according to CoinMarketCap and social media activity. This comes only a week after some Coinbase users began a campaign demanding that the company pay refunds after a system glitch in mid-November reportedly locked some clients out of their accounts, stopping them from trading for weeks.