Crypto Prices Briefly Spiked on Coinbase, CoinMarketCap.com Due to Glitch

Crypto prices on popular trading app Coinbase and data provider CoinMarketCap.com were heavily inflated on Tuesday, leading some investors to believe that had become trillionaires overnight.

Screenshots shared on Twitter showed that popular coins, like Ethereum, Tether, Binance Coin, Solana, Cardano, Polkadot and Dogecoin reached prices in the billions and trillions on CoinMarketCap.com early on Tuesday.

Coinbase also acknowledged that it displayed inflated prices on its website.

The price surge led many crypto users to believe that they had seemingly become billionaires and trillionaires overnight.

Both Coinbase and CoinMarketCap acknowledged the glitch but did not explain the source of the issue. Some speculated that the platforms were hacked while others wondered if it was human error.

“Engineering is aware of incorrect price information appearing on CoinMarketCap.com. We are currently investigating and will update this status when we have more information,” the listing service said in a statement. Later, the company wrote: “Engineering has deployed a fix, all prices should be accurate.”

CoinMarketCap then poked fun at the situation on Twitter with a series of memes:

The company added that it would be “rebooting our servers as a final step,” and said that it hadn’t yet found any evidence of foul play by an external party.

Coinbase labeled the issue “display only” and said it would not impact trading.

By Tuesday evening, the coins returned to their actual prices to the dismay of crypto investors everywhere, though many were inspired to think of what cryptocurrency markets could look like in the future.

In other news, Elon Musk says that Tesla will be accepting Dogecoin for “some merch.”
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