Crypto traders were able to experience what true hyperinflation feels like, as they briefly became richer than the richest man in the world, Elon Musk.
On Tuesday, many crypto investors were left in bewilderment as they saw their investments skyrocket into the trillion dollar club, after a glitch on both Coinbase and CoinMarketCap created extensively inaccurate prices across popular tokens. Bitcoin soared to an unfathomable $789,432,690,600, while ethereum instantly became worth more than $523 billion per token. However, those that saw their bank accounts balloon by trillions of dollars were unable to cash in on their inflated crypto holdings, because the glitch was just an error in the price display.
After Tuesday’s momentary chaos, Coinbase announced that the issue was finally resolved: “Non-tradable assets on [Coinbase] are no longer appearing inflated, and assets on Coinbase Wallet should reflect the correct market value. Again, this did not impact trading,” read the statement. In the meantime, CoinMarketCap floated a little bit more humour regarding the glitch, tweeting, “How did it feel to be a trillionaire for a couple hours?” Before telling investors to not bother with booking Forbes interviews.
Information for this briefing was found via CoinMarketCap. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
