CRYPTO investors were sent into panic this week after a data provider run by Wall Street big-hitters showed a 90 per cent plunge in Bitcoin.
According to Bloomberg, an error on Monday caused the platform Pyth to incorrectly show that the price for Bitcoin was down to about $5,400.
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That would have represented a catastrophic drop from around $50,000 earlier this month.
A few Bitcoin enthusiasts raised the alarm online but they didn’t have anything to be concerned about.
Pyth, which supplies financial data to major investment firms, said Monday in a tweet that the problem was caused by a glitch.
The issue was not reported on other platforms, so it affected only Plyth customers.
It is an industrial-grade platform that provides pricing information for stocks and cryptocurrencies.
Its contributors include finance giants like Jump Trading Group, DRW and FTX.
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It’s hard to tell if the glitch had an impact on Bitcoin’s market price, or whether it impacted investors.
Bitcoin’s market value was at approximately $43,000 on Thursday.
Pyth apologized for the error in a series tweets posted on Wednesday.
“We are communicating with Pyth partners and data providers to ensure transparency, accuracy, and confidence in Pyth,” The platform said.
“We understand that our users depend upon us, and we are working with affected partners to remedy the situation.
We are working on better documentation for developers and guidelines for the use of Pyth oracle. Please stay tuned.
“We deeply thank the community for the support you have shown us. Pyth will keep building toward the promise of delivering trustworthy, high-fidelity financial information.”
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