Zcash (ZEC) Displayed Price Drops By 50% In Coinbase Due To Glitch
Several users reported the price of Zcash (ZEC) dropped by over 50% in Coinbase from $38.2 to $18.94 in what it seemed to be a bug. Many individuals on the Zcash subreddit commented about this issue and whether they were able to acquire ZEC with a 50% discount.
The redditor mikafur5 uploaded this image:
The main question that users started to make was whether there was a problem with the displayed price or ZEC just experienced a massive price decline.
In order to test this, users decided to buy the virtual currency. Some of them tried, while others took the decision to do it.
However, everything turned out to be a bug. When some of the users tried purchasing the cryptocurrency, they discovered the price was still $38. Moreover, a few minutes after this situation, the displayed price of ZEC moved to $38.
One of the Redditors commented:
“It had to have been a bug. I tried loading up when it was showing $18 and it kept making the purchase price $38 even though it said it was $18.”
This is not the first time that one of the major exchanges or crypto data platforms experiences a bug.
CoinMarketCap, one of the largest websites in the cryptocurrency industry, has been affected several times by similar bugs.
A few weeks ago, CoinMarketCap displayed Bitcoin was being traded at $0. This was clearly a confusing episode for newcomers. Nevertheless, users with experience know that these things happen and that it was probably a bug.
The platform informed that they were affected by a pricing glitch that was swiftly fixed. They also mentioned they are working in order for this not to happen again.
Hi, sorry about that! There was a temporary pricing glitch last night ET. Our team has since fixed it and is working on preventing this from occurring again in the future.
— CoinMarketCap (@CoinMarketCap) September 18, 2019
This isn’t the first time that CoinMarketCap experienced these issues. In 2018, when Bitcoin was in a bear trend, the price of the most popular cryptocurrency surged to above $73,000 on CoinMarketCap.
Some altcoins reported by CMC registered price increases of over 900% in a period of 24 hours.
This time, there was a price calculation error on Tether (USDT) that caused a miscalculation for the price of many digital assets.