Bitcoin down 99%, CoinMarketCap and Coinbase glitch made Shiba Inu and many other Crytocurrency prices go wild
On the eve of Tuesday, December 14, the world's most referenced price-tracking website for cryptoassets, CoinMarketCap, showed grossly inflated prices for several cryptocurrencies including Bitcoin, Ethereum, and others.
No one knew for a while whether CoinMarketCap underwent a breach in its servers, but the site informed its users that the problem has been fixed some time later. They addressed the initial haywire in prices through a jesting tweet. They also denied any allegations of having been hacked.
Bitcoin’s all time high was displayed as more than 99% above its price before on CoinMarketCap during this period, which was far beyond its $69,000 peak in May 2021, as per CoinGecko.
In response, twitter was promptly bombarded with hacking conspiracy theories and “I am a millionaire” jokes at the time of this happenstance.
But no matter what variegated forms of reactions we’ve seen by twitterers today, the irrational and sudden astronomical gains in the market definitely left us all briefly scratching our heads in bafflement for some time.
The technical issues faced briefly by CoinMarketCap.com and Coinbase Global Inc. compelled many cryptocurrency investors to switch over to alt websites for real-time trading data and prices, switching the retail audiences’ attention to lesser frequently used sites.