Coinbase Global Inc. And the prices of cryptocurrencies listed on popular data provider CoinMarketCap.com briefly tumbled on Tuesday, with several tokens showing astronomical gains, leaving users aware of the massive windfall and others wondering what happened.
The issue has been resolved, CoinMarketCap.com said in a statement. Coinbase, the largest US crypto exchange, said the same on Twitter, noting that trading was not affected. Minutes later, Coinbase said it was still investigating the asset’s pricing and trading difficulties in the Coinbase Wallet, which allows customers to manage their crypto assets. Neither company provided an explanation of what went wrong.
“Everyone tunes in to those disruptions, so they all use the same data source, and so when there is a problem and prices are really off, it can create swarming behavior to make investment decisions, Rosario Ingariola, founder of Bosonic, a platform for crypto clearing and settlement.
Technical flaws have long plagued the cryptocurrency world, with many exchanges often having trouble processing transactions during periods of high trading activity. The anonymity feature that has been a selling point since the development of cryptocurrencies has also made it difficult to solve hacks and thefts.
“We have yet to find any evidence to suggest that today’s manipulation was caused by an outside party,” CoinMarketCap.com said in a statement. The world’s largest crypto exchange.
Coinbase previously stated in a tweet that some customers were seeing increased prices for “non-traditional” crypto assets and that this was a performance issue. Still, customers were circulating online screen shots of the benefits and their suddenly heightened balance.
CoinMarketCap joked about the issue in its Twitter feed, while some users said they almost had a “heart attack” seeing the unusual prices. Some even jokingly said that the increased prices show where crypto will be in the year 2026.
Not everyone thought the mess was funny.
“If this keeps happening, people will go elsewhere for data,” said Aaron Brown, a crypto investor writing for Bloomberg Opinion.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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