Claims Data Glitch Boosted Its Own Crypto Price Numbers
CoinMarketCap Says Data Glitch Boosted Its Own Crypto Price Numbers
While bitcoin’s cost totaled 12 percent over the crypto data website, other coins saw more drastic increases. The cost of aeternity, the eighth most valuable cryptocurrency, improved more than 951 per cent, while MOAC increased by 905 percent and bitcoin diamond saw a 876 percent leap on the website. The site’s exchange tracker attribute was also affected, and indicated that bitcoin was trading over $73,000 on some exchanges.
While crypto Twitter theorized about potential price manipulation, hacking and bugs, CoinMarketCap told CoinDesk the inflation was brought on by means of a data error.
A CoinMarketCap”data problem” caused significant artificial inflation of several coins recorded on the stage on Friday, using some prices inflated by nearly 1000 percent.
“There has been a cost calculation error on autopilot that caused any listing using a mass-market to become artificially inflated,” marketing vice president Carylyne Chan stated in an email.
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While the majority of the data seemed to have normalized at the time, the 24 hour change percent for VeChain’s VET token was recorded as a question marker and its cost chart was unavailable on the webpage. The VeChain page had no historic data recorded.
The data error comes just two days after CoinMarketCap launched a new professional-level and fee-based API, including an upgraded exchange position page along with the accession of derivatives markets to the website. In July, the website said it intended to introduce new filters and ranking metrics to address what it called”issues” over imitation volume amounts.
CoinMarketCap picture via Shutterstock
The favorite analytics platform has promised to launch a”post-mortem” with additional details in the near future.