The CoinMarketCap Bug is causing a crazy Bitcoin, Ethereum price jump

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Image for article titled Cryptocurrency prices seemingly jump billions of dollars as CoinMarketCap goes crazy

Photography: Leon Neal (Getty Images)

No, you’re not a trillionaire. But you would be forgiven for soiling your pants when you peeked into the price of your favorite cryptocurrency investments on CoinMarketCap on Tuesday afternoon.

CoinMarketCap shattered the dreams of crypto investors on Tuesday around 5pm Eastern Time when it tweeted that the shocking jump in prices of various cryptocurrencies was caused by “price issues” and was not real.

“There are currently price issues on our website,” the company posted on Twitter early Tuesday night. “We are currently investigating and will update this status when we have more information.” As such, it is currently unclear whether this was a security incident or simply a mistake. We contacted CoinMarketCap for an explanation.

It seems as if the price of each coin has jumped by several orders of magnitude, and the price of one Ethereum coin, for example, has risen to more than $ 500 billion (actual price: about $ 3,800). Bitcoin, meanwhile, has jumped to about $ 789 billion. This set the market capitalization of Bitcoin somewhere between a quadrillion dollars and the Moon.

Between the moment the problem first surfaced and the obvious fixes – apparently, a few hours, according to CoinMarketCap and social media activities – countless crypto brothers saw their net worth rise sharply to Elon Musk’s territory.

Unfortunately, false dreams of destroying the boss’s office and buying a libertarian an island paradise off the coast of New Zealand were quickly destroyed. And CoinMarketCap was so kind as to be mocked hopefully fun, cool tweets.

While CoinMarketCap is having a great time, it’s clearly not clear how many people have somehow cashed in thinking the price of Shiba Inu cryptocurrency has actually jumped to over $ 22,000, when in reality its price is currently $ 0.00003365 per coin. Let’s hope most investors checked the actual exchange rate before squandering all their, uh, hard work (?) Because of the tricky website.

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