In 2021, the popularity of cryptocurrency skyrocketed as individuals tried to get rich.
People all over the world invest their money in cryptocurrencies such as Bitcoin, Etherium, and Binance.
Another popular cryptocurrency, XRP, also known as Ripple, was the talk of the internet yesterday after a glitch that made everyone think they were rich.
This is what happened…
XRP Price Crashes on CoinBase
On Tuesday (December 14), a major flaw in the world’s leading cryptocurrency exchange Coinbase left many coin holders with a huge disappointment.
A technical glitch has seen many different coins, including XRP, skyrocket in price, causing everyone to believe they have become millionaires or even trillionaires in a matter of seconds.
The bid price of XRP rose to about $22 million for most people, but its peak was $161 million, and everyone was ready to give up their jobs and buy yachts after they thought they were rich.
However, the price was simply misrepresented by Coinbase and CoinMarketCap and is now back to its normal price of $0.8.
Coinbase addresses bugs on Twitter
Via Twitter, Coinbase confirmed that they were aware of the flaws and revealed that it was a display issue.
“We are aware that some clients are seeing inflated values of non-tradable crypto assets on http://Coinbase.com and Coinbase Wallet. This is a display issue only and does not affect trading,” they wrote.
They continued, “The supply issue has been resolved. The non-tradable assets on http://Coinbase.com no longer appear overpriced, and the assets in Coinbase Wallet must reflect the correct market capitalization. Again, this has not affected trading.”
After they tweeted this, users were still having issues, so they apologized again and said, “We apologize for any confusion – we are still investigating asset prices and trading difficulties in Tweet embed. Our teams dig into investigation and repair.”
Hours later, when the issues were finally resolved, they wrote, “We’ve fixed the display issue and the assets don’t look bloated anymore. Tweet embed. Trades are processed normally, and we thank you for your patience.
Twitter users react to price glitch
On Twitter, people were shocked that the inflated price was actually just a glitch.
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