Coinmarketcap Glitch shows that the price of cryptocurrencies is about trillions of dollars per coin

No, you are not rich. An error in Coinmarketcap indicates that the most important cryptocurrency has experienced absurdly high growth-affecting all crypto services that rely on their data to display legal balances/prices.

December 14, 2021 is the happiest day for many cryptocurrency holders, even if only for a few minutes. All thanks to Coinmarketcap

A bug in Coinmarketcap, the most popular price aggregator in the cryptocurrency industry, began to show that prices of trillions of dollars have soared.

Coinmarketcap and the trillion-dollar vulnerabilities

Bitcoin price is 850,867,136,053.72 US dollars, Ethereum price is 179,598,602,169.65 US dollars, BNB price is 33,520,911,478 US dollars, these are the most notorious examples. Even stablecoins have soared, with the price of USDC at 42,042,904 USD and USDT at 69,894,267.23 USD.

Inconsistent prices have affected other service providers. Some users of cryptocurrency wallets (such as Jax) that obtain data from Coinmarketcap have also reported that their legal balance has risen-although it must be noted that the crypto balance is still in line with reality.

Similarly, some websites that track cryptocurrency prices have also been affected. For example, CNBC shows that the price of cryptocurrencies has risen by trillions of dollars, while Yahoo Finance shows that Bitcoin has plummeted to the $30,000 range.

Judging from its characteristics, everything seems to point to some API errors. No exchange recorded any unusual behavior or considerable price fluctuations. A few minutes after the error was detected, the Coinmarketcap team managed to fix it and get everything back to normal.

The Binance-owned platform has not yet reported the causes of this curious glitch, although they assured that they would reset their 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

The Crypto Community Has Some Fun

Bitcoin’s price did not have an alarming reaction during the events. In fact, the daily candlestick closed with a rise of 3.56%, going from about $46,736 to $48,389. Currently, it has corrected a bit, and each Bitcoin is trading very close to $48,000 – and a far cry from the $850 Billion.

But it was the members of Crypto Twitter who were quick to react, bringing out perhaps the latest arsenal of clever jokes and memes to “enjoy” their recently gotten wealth before returning to normalcy.