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Crypto Investors Briefly Became Trillionaires Yesterday

Glitches in Coinbase Global Inc. and CoinMarketCap.com showed false, staggering gains.

Cryptocurrency has a reputation for being a volatile investment, with big gains and losses sometimes taking place in a compact time frame. But even with that understanding, two of the biggest players in crypto recently posted gains that were, in fact, too good to be true.

Both Coinbase Global Inc.  (COIN)  and CoinMarketCap.com briefly posted wild, literally unbelievable gains for a brief period on Tuesday. 

CoinMarketCap.com is a data provider owned by Binance, a crypto exchange. Neither company has released details about the cause or nature of the glitch. 

One user took to Twitter to jokingly boast of a $22,084,620.48 increase in Ripple, a cryptocurrency and digital payment network, while another user noted that the crypto parody Dogecoin was now worth in excess of $2 million.

Oops

CoinMarketCap.com issued a statement that the issue has since been resolved, according to Bloomberg, and tried to lighten the mood by joking on Twitter about striking it rich. 

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Coinbase also Tweeted that everything was back to normal. 

In a statement, CoinMarketCap.com dispelled online rumors that the site had been hacked, stating “We haven’t found any evidence yet to suggest that today’s glitch was caused by an external party.” 

Glitching Party

The cryptocurrency world has long been plagued by technical glitches, particularly during periods of high trading activity. 

While some investors gravitate towards cryptocurrencies because they are decentralized and anonymous, those features can also make it difficult for platforms to detect and revolve glitches, hacks and other issues. 

Just last week, Coinbase users began an online campaign to demand a refund after a technical glitch relating to GYEN  (GYEN) , a cryptocurrency tied to the value of the Yen. That led the company to freeze accounts for weeks, thus preventing them from selling off assets that were losing value.

At the moment, things seem to be back to normal, with CoinMarketCap.com listing the price of Bitcoin  (BTSC)  at a reasonable $47,649.96, a 2.11% increase over the past 24 hours.