Bitcoin dropped to $0.019 on Revolut today
Bitcoin’s (BTC) briefly slipped from $79,000 to just $0.019 today on UK online banking platform Revolut. Mercifully, the dip lasted just a few seconds before it returned to its original price.
Using Google Chrome, Revolut displays the low between 7:45/50 GMT+1 as $73,000. However, the platform’s mobile app mobile displays the BTC drop as low as $0.019.
Revolut told Protos that the inaccurate pricing was caused by “a service disruption at a third-party provider.” It said the issue has since been solved and that it’s still “in the process of evaluating the details of the disruption.”
There was a flurry of confusion from onlookers on X this morning as they wondered whether or not a flash crash had taken place.
Many received a push notification from Revolut on their lock screens claiming that BTC had reached a 52-week low, and that the price was now $0.02. This would be closer to an all-time low.
Read more: Hot air at AWS causes Coinbase outage
All Revolut told users at the time through its support account is that it’s “currently experiencing technical issues affecting some crypto functionalities.”
However, it’s still unclear if this third-party disruption, leading to BTC’s brief cratering, was the result of a visual glitch or liquidity issues. Neither CoinGecko nor Coinbase are displaying such BTC crashes.
Visual glitches and flash crashes aren’t uncommon
Similar visual glitches aren’t uncommon in the crypto world. Binance, for example, displayed a glitch in people’s wallets last year that dropped everybody’s balance to $0.
This was caused by “network congestion,” which followed a $400 billion crash in the global crypto market just days beforehand.
In 2021, crypto exchange PDAX briefly listed BTC for $6,000, almost 90% cheaper than it was at the time. Users rushed to buy at the low price, and PDAX began suspending accounts.
The exchange then began to exchange legal threats with buyers. The listing in the end was a visual glitch.
Read more: Explained: How bitcoin market sell orders cause flash crashes
Other flash-crashes involved a sudden 10% BTC dip on South Korean crypto exchange Bithumb. The platform accidentally rewarded a user 2,000 BTC (worth $134 million at the time), who then sold it afterwards, causing the dip.
UK banks also experienced a weird visual glitch earlier this year that displayed the transactions and bank account details to random users.
People were reporting that they could see other people’s transactions, and the issue was widespread across Lloyds, Halifax, and the Bank of Scotland.
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