Cryptocurrency quotes on CoinMarketCap collapsed en masse
CoinMarketCap is the world’s most popular website for tracking crypto-asset prices amid the rapid growth of the cryptocurrency industry. CoinMarketCap’s mission is to make cryptocurrency accessible and effective worldwide by providing users with unbiased, high-quality, and accurate information that allows them to draw their own balanced and informed conclusions.
Several cryptocurrency pairs on CoinMarketCap service collapsed in price and market capitalization shows a drop of 66%
On Monday, June 14, cryptocurrency quotes on the CoinMarketCap service collapsed en masse. At the time of writing, cryptocurrency pages are giving out errors, and some trading pairs even show a 98% drop in prices.
For example, the price of tether (USDT) fell by 98%, cardano (ADA) by 69%, and dogecoin (DOGE) by 70%. At the same time bitcoin quotes had almost no effect on the disruption. When trying to open any cryptocurrency page, the site displays an error.
At 1:03 p.m. MSK, the quotes returned to their previous state, but the market capitalization figures are still incorrect. Five minutes later, the official CoinMarketCap Twitter account posted a message about “API delays”. Representatives of the service said that the developers were already working on the problem.
The problem was finally solved at 13:54, when the developers announced that the service had been restored. However, what exactly caused the failure is not officially known.