Users of Revolut reported seeing the Bitcoin price briefly drop to $39,900 in just a few seconds on Friday. Some traders received alerts indicating extreme movements, such as BTC reaching a low 52-week level of 2 cents.
Further Users reported There are multiple cryptocurrencies that have experienced simultaneous drops in price, such as XRP and Solana.
It is important to note that the word “you” means “the”. anomaliesThe price fluctuations, which were quickly reversed by the Revolut App, did not appear in aggregated data from multiple exchanges or the derivatives market during this period.
Sources of external pricing, such as CoinMarketCap You can also find out more about the following: CoinGecko No corresponding movements were seen in Bitcoin, or other assets of major value. This suggests that the event was caused more by an issue with platform pricing or data than by any broader market events.
Revolut reported that BTC has dropped to just 2 cents. Source: That Martini Guy B
Revolut said It was having issues with some of the functionalities in the app and its team were working to fix it.
Experts suggest data feed errors or low liquidity
Ranveer arora, former PwC quantitative trader and founder of Altura.trade told Cointelegraph there are currently two possible explanations for the 50% intraday wick on Revolut BTC’s chart.
“The first is a data feed error,” “He said” “It could be a corrupt tick pushed through Revolut’s pricing system, briefly anchoring the 1D chart at around $39,900 before correcting,” Revolut, which isn’t an exchange, sources its prices from outside providers. A single incorrect data point can cause such a move in the chart.
Arora also added that another alternative is a short-term liquidity gap within a context of thin order books. “Revolut operates with limited liquidity depth compared to a full exchange,” He added. If this happens, the large selling order may temporarily exhaust all bids available and result in a rapid drop before recovery.
The absence of a matching print across all venues would suggest a more probable data error, while any trades that were matched elsewhere could support the theory about a liquidity gap.
Related: Bitcoin can crash to $50K if ‘most critical’ bear market test fails: Analysis
Marc Tillement of the Pyth Data Association and director of Pyth Data’s blockchain oracle, Pyth Data Association said that this episode highlighted how price perception can become fragile in data fragmented environments. “a single bad print can distort the perception of price very quickly,” Particularly in retail systems.
The reliability of the pricing infrastructure and its provenance are key to maintaining market trust. Participants rely on verifiable, transparent data layers in order to avoid false signals.
Revolut’s support message stated that the company is “currently experiencing issues affecting some of the app’s functionalities” Customers are encouraged to check the status page regularly for any updates.
Revolut stated that it is working to resolve the problem. Source: Revolut
Revolut has confirmed to Cointelegraph the cause of this incident. “service disruption at a third-party provider,” The platform was then displaying inaccurate prices. According to them, the company is now reviewing the details surrounding the disruption.
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Source: cointelegraph.com
