The crypto market saw a huge fluctuation in the price of cryptocurrencies yesterday due to a bug in CoinMarketCap’s Data. The price of cryptocurrencies saw a drastic hike according to CoinMarketCap’s data yesterday when the crypto market saw a more than 950 Percent increase in the prices of cryptocurrencies which was caused by a data issue occurred falsely indicating that Bitcoin traded above $70,000 USD on some exchanges.
However, this error has now been resolved and the related evidences of tomorrow’s price hike have also been corrected by the company now. Stating of an investigation, the company announced on its official twitter page as:
“We are currently aware of an issue with the data we are pulling in. We are investigating this matter and we will follow up with more information shortly.”
However, this tweet by the company saw a humiliating reply from several of its users affirming that this is being done to manipulate the prices of the cryptocurrencies. There was also a buzz going around in the market concerning CoinMarketCap’s hack. However, shortly after this artificial inflation, the company was able to resolve this data bug error and apologised for this issue stating:
However, still much is not known about what caused this error yesterday. An actual report is still to be announced by CoinMarketCap soon clarifying this issue.