December 14, 2021, was the happiest day for many cryptocurrency holders, even if it is only a few minutes of momentary happiness.
The incident occurred because an error was found on CoinMarketCap, the most popular price aggregator in the cryptocurrency industry. Suddenly, the website displayed the wrong prices, causing the value of cryptocurrency to skyrocket to trillions of dollars.
From the event picture, it can be seen that Bitcoin was valued at $850,867,136,053.72
Ethereum was valued at $179,598,602,169.65
BNB at $33,520,911,478
USDC at $42,042,904.
USDT at $69,894,267.23
Discrepancies in prices also affected other providers. CNBC, Yahoo Finance, as well as users of digital wallets such as Jax, all displayed the odds for the individual coins.
The problems were probably caused by an error (bug) in the CoinMarketCap Team API. However, the problem could be fixed within a few minutes.