July 18, 2024


Unlimited Technology

Bitcoin panic as website falsely warns of HUGE crash that would have been ‘worst drop in history’

CRYPTO investors were sent into panic this week after a data provider run by Wall Street big-hitters showed a 90 per cent plunge in Bitcoin.

According to Bloomberg, an error on Monday caused the platform Pyth to incorrectly show that the price for Bitcoin was down to about $5,400.

A data provider run by Wall Street big-hitters showed a 90 per cent plunge in Bitcoin on Monday


A data provider run by Wall Street big-hitters showed a 90 per cent plunge in Bitcoin on MondayCredit: Getty Images – Getty

That would have represented a catastrophic drop from around $50,000 earlier this month.

A number of Bitcoin fanatics sounded the alarm online, but it turned out they had nothing to worry about.

Pyth, which provides financial data to a number of major investment firms, confirmed in a tweet on Monday that a glitch was behind the issue.

The blunder did not turn up on other platforms, meaning only Plyth customers were affected.

The platform is an industrial-grade source for pricing information on stocks and cryptocurrencies.

Its contributors include finance giants like Jump Trading Group, DRW and FTX.

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It’s hard to tell if the glitch had an impact on Bitcoin’s market price, or whether it impacted investors.

As of Thursday, Bitcoin’s value was sitting at around $43,000.

In a series of tweets on Wednesday, Pyth apologised for the mishap.

“We are communicating with Pyth partners and data providers to ensure transparency, accuracy, and confidence in Pyth,” the platform wrote.

“We know our users depend on us and we’re working with affected partners on remedying the situation.

“Better developer documentation and guidelines on the usage of the Pyth oracle are underway, stay tuned.

“We deeply thank the community for the support you have shown us. Pyth will keep building toward the promise of delivering trustworthy, high-fidelity financial information.”


Credit: Getty
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In other news, the price of Bitcoin rocketed in July following claims Amazon could start accepting the cryptocurrency as payment by the end of the year.

Nine apps have had to be removed from the Google Play Store after they were caught stealing Facebook passwords.

Facebook is facing backlash in the US over plans to create a version of Instagram for children under 13.

And, influencers who don’t clearly state if they’ve edited photos which are advertisements could be fined or imprisoned in Norway due to a new law.

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