The world’s largest cryptocurrency price tracker was misinformed, showing a 66% drop in market capitalization in just one day. This caused many investors to panic.
On June 14, many users said they felt panic when CoinMarketCap site “announced” the entire cryptocurrency market has evaporated $ 116 billion in just one day.
Accordingly, the display error shows that the entire cryptocurrency market is only 508.87 billion USD, equivalent to a decrease of 66.15% in value in 24 hours. Meanwhile, the cryptocurrency price tracking site Coingecko, the cryptocurrency market capitalization on June 14 reached 1.677 billion USD, and increased by 8% compared to 24 hours ago. Besides the market capitalization error, users also cannot track the price of each digital currency on CoinMarketCap. In some other cases, the growth percentage of the cryptocurrency is displayed incorrectly. Information that the entire coin market capitalization decreased by 66% made many investors bewildered. Typically, the case of codes such as USDT, ADA, DOGE, SOL… all lost 50-98% of their value compared to 24 hours ago. In fact, the price difference of these digital currencies is only a few percent. “I have been involved in the cryptocurrency market since 2017 and only tracked the price on CoinMarketCap. Today, when I checked, this page announced that the total market capitalization has decreased by more than half. Immediately, the cryptocurrency groups I joined Everyone is confused,” said Hung Thuan, a longtime cryptocurrency investor in Tan Phu, Ho Chi Minh City. Meanwhile, social media users like Twitter are constantly sharing the hashtags #CoinMarketCapdown and #heartattack. “CoinMarketCap gives me a heart attack. Hope this is just a bug”, Twitter account @ Lonardo Mirco Post an article. At 5:10 p.m., CoinMarketCap posted on the website’s official Twitter that they were experiencing some lag in the APIs and that the developers of this website were actively fixing the bugs. “I’m sure this is an error because even though it reported a total market cap of $507 billion, CoinMarketCap still shows a market value of Bitcoin at $735 billion. It’s impossible that a single coin’s capitalization is higher than the total market cap. market,” said Quoc Van, an analyst from the cryptocurrency forum. Many investors said they felt like having a “heart attack” when they saw CoinMarketCap’s announcement. CoinMarketCap is a website that tracks fluctuations in digital currencies launched in 2013, founded by Brandon Chez. This website has quickly grown to become the most trusted source by users, institutions and media to compare thousands of cryptocurrencies. CoinMarketCap is often quoted by major news outlets like CNBC, Bloomberg… Even the US government uses CoinMarketCap data for research and reporting. In April 2020, CoinMarketCap was acquired by Binance Capital Mgmt. Binance is the global blockchain company behind the world’s largest digital asset exchange, by trading volume and users. According to the SimilarWeb , CoinMarketCap has a very large monthly traffic, about 272.32 million, ranking 179th in the world and 338th in the US in terms of traffic. If only in the category of financial and investment websites, CoinMarketCap ranks 8th. According to the data of Coin Desk Bitcoin price on June 14 (Vietnam time) increased to close to the threshold of $ 40,000 / dong. As of 5:20 p.m., the world’s largest cryptocurrency was trading around $39,200/dong, up 11.17% from a day earlier. The increase brings Bitcoin’s market capitalization to $734.8 billion. Year-to-date, the Bitcoin price has increased by more than 35%. Bitcoin’s price increase also pulls other cryptocurrencies up. The price of Ether – the second largest cryptocurrency – is up more than 7% from a day earlier to $2,500 a coin. XRP and Cardano also saw price increases of 6.15% and 6.73%, respectively. Exchange with Zing , international experts said that the large increase in Bitcoin’s price once again shows the influence of billionaire Elon Musk on the cryptocurrency market. After the latest move of the CEO of Tesla, Bitcoin price may touch $44,000/dong this week.
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