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Crypto prices lose control on Coinbase, CoinMarketCap.co

Crypto prices lose control on Coinbase, CoinMarketCap.co

Crypto prices lose control on Coinbase, CoinMarketCap.co
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RIYADH: The price of cryptocurrencies listed on Coinbase, the largest US crypto exchange, and popular data provider CoinMarketCap.com fell briefly on Tuesday, Arab News reported.

Several tokens showed astronomical gains that sent users rushing about huge windfalls, Bloomberg reported.

CoinMarketCap.com said in a statement that the issue has been resolved, and Coinbase said the same on Twitter, noting that trading was not affected.

Coinbase also added that it is still investigating asset prices and the difficulties of trading with Coinbase Wallet, which allows clients to manage their crypto assets.

However, neither company provided an explanation of what went wrong.

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“Everyone tunes into those disruptions. They all use the same data source, so when there’s a problem and prices are really off, that can create herd behavior to drive investment decisions,” Rosario Ingargiola, founder of Bosonic, a platform for crypto clearing and settlement said.

“We haven’t found any evidence yet to suggest that today’s glitch was caused by an external party,” CoinMarketCap.com said in a statement, as many on Twitter speculated that the site was hacked. CoinMarketCap.com is owned by Binance, the world’s biggest crypto exchange.

Funding

Morgan Stanley-Backed Bitcoin servicer NYDIG raised $1 billion in its latest funding round, highlighting Wall Street’s growing interest in the crypto space.

The company was valued at more than $7 billion in the round, which was joined by current investors including Morgan Stanley.

The funding is tied for the second-largest crypto- or blockchain-related venture capital deal of the year with FTX Trading Ltd.’s $1 billion round in July, after Robinhood Markets Inc.’s $3.4 billion raise in January, according to PitchBook data.

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The round was led by growth equity company WestCap, with participation from Bessemer Venture Partners, MassMutual, FIS and others.

Trading

Bitcoin, the leading cryptocurrency in trading internationally, traded higher on Wednesday, rising by 0.87 per cent to $47,605 at 5:00pm Riyadh time.

Ether, the second most traded cryptocurrency, traded at $3,816, up 0.53 per cent, according to data from Coindesk.

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