A Glitch in Data Causes CoinMarketCap Price Inflation
As CoinMarketCap has announced, an error in data caused a huge spike in artificial inflation of many cryptocurrencies listed on the exchange and some reported seeing a 1000% increase in price. BTC climbed around 12% on the website while other currencies saw intense spikes.
Aeternity, the rank 8 cryptocurrency among the top ten saw an unbelievable spike of more than 950% in price. MOAC, another coin saw a jump just a little over 900% as well, and following just behind was Bitcoin Cash with its own 876% skyrocket. CMC’s exchange tracker saw its own issues, providing fake indications that BTC was the price at over a whopping $73K on certain crypto-exchanges.
As crypto Twitter tackled many of these issues and possible price manipulation, errors and cyber attacks, CMC stated that the cause behind all the misinformation was due to a technical issue, an error in data. VP of marketing, Carylyne Chan wrote that an error in price on Tether resulted in any Tether-related currencies to falsely climb in price.
Almost all data has apparently returned to form, although VeChain’s own token, the VET, remained unclear and listed as a “?” on the exchange and its value chart was inaccessible on the website. A post-error report has been promised soon after all issues were handled and taken care of.
The crippling bug has appeared only 48 hours after CMC released their high-grade APIs with a revamped ranking system for cryptocurrency exchanges and introducing derivatives markets to the home page. To tackle rising suspicions on altered volumes, the company also announced the upcoming introduction of new ranking methods.