On Tuesday, the prices of cryptocurrencies on Coinbase Global Inc. and popular data provider CoinMarketCap.com briefly rose astronomically, sending users gushing and leaving others wondering what happened.
In a statement, CoinMarketCap.com reported that the issue had been resolved.
According to Coinbase, the largest U.S. crypto exchange, trading wasn't affected. Coinbase said it is still investigating trading issues with the Coinbase Wallet, which lets users manage their crypto assets. The companies did not provide explanations.
It has long been a problem for the cryptocurrency world to deal with technical glitches, with many exchanges having difficulty processing transactions during periods of high trading activity. It has also been difficult to resolve hacks and thefts because of the anonymity that has been a selling point since the development of crypto assets
According to CoinMarketCap.com, they "have not found any evidence that today's glitch was caused by an external party," as many Twitter users speculated that the site had been hacked. Binance, another one of the world's largest crypto exchanges, owns CoinMarketCap.com.
Earlier, Coinbase tweeted that some customers were seeing inflated values for "non-tradeable" crypto assets due to a display problem. Online, customers shared screenshots of their gains and the sudden increases in their balances.
Some users said they almost had a heart attack when they saw the abnormal prices on CoinMarketCap's Twitter feed. Others joked that the inflated prices showed where cryptocurrency will be in five years time