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Bitcoin (BTC) Price Plunged 90% to $5,400 Due to Network Glitch, Here’s What Happened

by Miki 09/21/2021
by Miki 09/21/2021 0 comment

Monday’s market crash resulted in billion-dollar liquidations in the crypto space. The Bitcoin (BTC) plummeted under $45,000 that day, however, a network glitch on the Pyth platform showed that the BTC price plummeted 90% dropping all the way to $5,400.

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The crypto data network Pyth is run by some of Wall streets biggest players. Besides, it provides industrial-grade pricing information for asset classes like stocks and cryptocurrencies. Some of its data feed contributors include giants like FTX, DRW, and the Jump Trading Group. Recently, Mike Novogratz’s Galaxy Digital also joined the Pyth Network.

For a very brief period on Monday, the Pyth Network showed the Bitcoin price as $5,400. The platform made an official statement through its Twitter handle that reads:

Between 12:21 and 12:23 UTC the Pyth BTCUSD aggregate price was below $40,000 – the lowest price reported was $5,402 with a confidence interval of $21,623 (4x the asset reported price) for a single slot – which was off-market relative to the BTC price available on other markets. Engineers are continuing to investigate the cause and a full report is in the works.

Things Have Returned Back to Normal

On Tuesday, things have returned back to normal. Besides, the Pyth platform has unveiled a root cause analysis of what actually resulted in the software glitch.

However, the problem wasn’t just limited to Bitcoin price reporting. Several Solana-based programs relying on the Pyth price were impacted by this incident. As Pyth reported:

The impact was exacerbated due to some programs relying on the aggregate price feed without using the confidence, which allowed liquidations to occur even though the published price was highly uncertain.

The entire Pyth network was down as a result of the outage. Bonfida, a project built on Solana, said that decline resulted in a series of liquidations on the Audaces protocol BTC-PERP market. Audaces is the perpetual futures platform on Bonfida.



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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

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      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

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      Blockchain

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