The cryptocurrency market soared on March 5, with the prices of many cryptocurrencies shooting up. However, the crypto community was shocked by Bitcoin [BTC]’s sudden 5.44% drop.
Reports stated that CoinMarketCap, a prominent cryptocurrency listing website that contains information on more than 2,000 digital assets, inaccurately displayed the price of the world’s largest cryptocurrency, BTC.
According to U.today, the glitch was reported by a Reddit user on the subreddit thread r/CryptoCurrency. The user reported the issue when the price of Bitcoin [BTC] sharply declined, despite the collective coin market surging.
The bug in question reportedly impacted only desktop users of CMC as the application was displaying accurate data on iPhones and other platforms.
The news snowballed into Twitter users alleging that CMC was manipulating the market by showing the incorrect price of BTC on purpose. However, the CEO of Binance, CZ, defended the website. Pointing out the fact that the glitch was fixed immediately, CZ said that it did not erase the project’s contribution to the crypto-space.
CZ later added in his comments,
“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!”
CoinMarketCap had previously been accused of reporting fake trading volumes. Many have claimed that some exchanges exaggerate their volumes by a massive 95% due to ‘wash trading,’ resulting in the formation of a project called ‘Honest CoinMarketCap’. This particular application worked towards providing the true picture of global trading activities.
However, soon after the glitch was discovered, CMC addressed the problem and designed new tools to detect such attempts of ‘wash trading’ and artificially inflating trading volumes.
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