Only a paper moon: Bitcoin price briefly shows $870B on CoinMarketCap

The moment of gush experienced by crypto traders was followed by confusion when a glitch caused many data aggregators briefly to show huge gains for Bitcoin (BTC), Ether(ETH) and other cryptocurrencies.

CoinMarketCap and other price indexes showed that the Bitcoin price was closing at $900 billion, while ETH had shown more than $81 billion. Cointelegraph’s price indicators were also affected by the momentary glitch.

@CoinMarketCap, how are you?
— Cointelegraph (@Cointelegraph) December 14, 2021

The exchanges quickly resolved the problem by displaying the numbers. CoinMarketCap stated on Twitter that the data provider will be rebooting its servers as part the remediation plan.

“CoinMarketCap has now returned to normal following an issue that affected price rankings,” a spokesperson for CoinMarketCap told Cointelegraph. He also said that the investigation into the root cause is ongoing.

“And no, we didn’t show you prices starting in 2026. We’d keep the Lambo downpayment.”

Crypto Twitter quickly reacted to the ridiculous price movement with funny posts
— khalil (@Zen_Eustass) December 14, 2021

Initial speculation was that hackers had caused the prices to be displayed.

ME after verifying that #CoinMarketCap had been hacked and prices were fake.
— Muttley Investor (@MuttleyInvesti1) December 14, 2020

“Everyone tunes in to those disruptions, to the extent that they all use the exact same data source,” Rosario Ingargiola, founder of Bosonic, explained. “So when there is a problem and prices really are off, that can cause herd behavior to drive investment decision.”