Latest CoinMarketCap Glitch Has Bitcoin Price Drop Over 5% as Binance CEO Adds Commentary
Crypto watchers everywhere were sent into a confused frenzy when CoinMarketCap displayed a figure for the price of bitcoin that showed a 5.44 percent drop in value.
While the bear market is still ongoing, such a sudden drop was still significant and made many wonder if something had gone wrong, considering other cryptos were still in the green.
It turned out, however, that CoinMarketCap has suffered a glitch that caused the wrong price to be displayed for bitcoin while other cryptos were unaffected. CoinMarketCap is one of the most popular and respected crypto price sources in the world and when a user on the CryptoCurrency subreddit first reported it, users were stunned.
It was also noted that the glitch was only seen for those who viewed the website on desktop computers and those who used mobile devices such as iPhones had no issue.
The Wrath of the Public
As soon as the error was revealed, many Twitter users swiftly criticized CoinMarketCap, with some going as far as accusing them of deliberately manipulating the market price of Bitcoin.
“Another level of Manipulation, showing BTC price wrong and total Market Cap wrong. Our decentralized revolution are based on centralized authority. World need a Decentralized Market Cap @APompliano @Cointelegraph @DesiCryptoHodlr @coindesk @cz_binance @CoinMarketC,” one User tweeted.
However, the CEO of Binance quickly rose to their defense. According to him, a single error on the part of CoinMarketCap does not cancel out all the good they have done for crypto users over the years.
“Have u thought about how much effort CMC team put in to build @CoinMarketCap? And the value they contributed to our space? Just one glitch in data (from a 3rd party source) doesn't erase that. Look at people's credits.
I challenge you to do (not talk) better!” he responded.
One of the common criticisms of CoinMarketCap is that there is a need for a decentralized price tracker to avoid such issues. The Binance CEO simply challenged the naysayers to build their own price tracker if it is that easy.
If there is one thing that crypto community is always on the lol out for, it is false date reporting. Tether has been dogged by rumors of being a bitcoin manipulation to for years despite evidence to the contrary and it has been revealed that a number of exchanges do indeed inflate their transactions figures through wash trading.