People around the world have become millionaires overnight due to the sudden surge in Bitcoin’s price; this recent incident caused a lot of people to have that same feeling although it was ephemeral and not true.
Coin Stats, a crypto portfolio website, and its application showed that Bitcoin price hit $30,000 after surging by 418.76%. The market cap of Bitcoin hit $0.5 trillion [534 billion] after this shocking surge of Bitcoin. Surprised users of Coin Stats posted tweets and Reddit posts about the same:
— Andrew Matos (@AndrewMatos14) May 5, 2019
A Reddit user @hamsumwich posted:
“I don’t know how my Coin Stats app encountered this huge error, but my heart jumped through my throat after opening the app and it refreshed to this screen.”
A Twitter user @GregCherry tweeted:
“I just got an alert on my Coin Stats app that #Bitcoin had increased 394.09%, then I opened the app and see the price is at $30,224 … talk about a wtf moment!”
This is not the first time, there was a glitch on Coin Stats, the price of LINK, the 39th largest cryptocurrency [according to CoinMarketCap], almost doubled due to another glitch.
A Reddit user @hodlamd, posted a thread about the same:
Another Reddit user @rodgerjohnson commented:
“That’s the price Koreans are trading Links at right now on their exchange.”
The users contacted Coin Stats on Twitter and the only reply that was given was:
“We are sorry about it. It took few moments before our systems marked the exchange sending wrong data and removed”
AMBCrypto contacted Coin Stats to reveal the exchange[s] that was/were sending the wrong data. The story will be updated once Coin Stats replies to our queries.
UPDATE: Coin Stats commented on the matter, and revealed that FatBTC, an exchange based out of China, was the reason behind the sudden and false spike in Bitcoin’s price.
Coin Stats tweeted:
“The fact that we are relying on 250+ exchanges on pricing makes it a sophisticated task to filter out bad streams. It was @FatBTC exchange reporting wrong data. It lasted 5 mins before our system detected something wrong.”
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