Revolut fixes third-party error behind Bitcoin $0.02 scare

Revolut has addressed a glitch caused by a third-party data provider that briefly displayed false cryptocurrency prices on its app on Friday, May 8. During the incident, screenshots shared by users showed Bitcoin priced at just $0.02.

This incorrect pricing lasted only briefly before returning to normal levels. One user attributed the problem to a display error, a liquidity issue, or an order-book error.

Revolut publicly addressed the matter. It assured users that engineers were working to fix the glitch. Later, a Revolut representative confirmed that the situation had been rectified. The spokesperson attributed the issue to an unidentified third-party pricing provider. The firm is still investigating what happened.

Dave Flowman contended the incident was just a glitch, not a real crash. Although the chart showed the price dropping 50%, Flowman insisted it was just a display error. He also noted that the failure of Revolut’s app included other cryptocurrencies. Flowman is popular in the crypto industry for reporting on market glitches.

Revolut encounters a significant glitch on its platform

Revolut has over 70 million users globally. These users spotted simultaneous price declines for XRP, Solana, and stablecoins like USDC and USDT. Stablecoins are designed to maintain a consistent $1 valuation.

Screenshots users shared on X and Reddit showed a sudden 50% drop in Bitcoin’s 24-hour chart. The price declined to around $39,900 before a swift rebound. Some users received false notifications that BTC hit a 52-week low of $0.02.

An example of these users is Jordan Kerridge, known online as That Martini Guy, who described the situation as a perfect buying opportunity.

The initial glitch occurred at roughly 23:45 UTC on May 8. At this time, Bitcoin traded at $0.02 on Revolut’s platform but traded close to $79,000 on major exchanges. This pricing reflected 99.99997% error.

Ethereum also showed incorrect pricing below $2,200, while Solana was displayed around $85 and XRP near $1.25. All these prices were significantly below market value. This problem appeared only on Revolut’s platform.

The price alerts triggered a false fire alarm in Europe. Users were worried because they watched their portfolios vanish. Revolut quickly acted. The firm promised it would rectify the issues. It also asserted that no trades were ever finalized at those wrong prices. Revolut did not disclose the third-party provider that caused the problem.

Once the glitch was fixed, prices on the platform normalized immediately, with Bitcoin returning above $80,000 and Ethereum climbing back above $2,300. These movements were purely reflective of corrected data feeds rather than any real market recovery, as underlying crypto prices remained stable throughout the incident.

Revolut’s internal safeguards appeared to function as intended, filtering out clearly erroneous pricing and preventing trades from being executed at unrealistic levels. This distinction helped contain what could have otherwise escalated into a serious financial incident.

Analysts claimed that the lack of trades at those wrong prices is very significant. They believe that Revolut’s systems are designed to prevent major financial disasters.

Bitcoin’s recent price fluctuations raise concerns among investors

In a broader market context, Bitcoin has rocketed 30% since the beginning of the U.S. war in Iran (with two massive shocks now hurtling toward the Bitcoin price).

The price of Bitcoin remains well below its 2025 peak of around $126,000 per coin, even as U.S. Secretary of War Pete Hegseth has suggested that China may be secretly accumulating Bitcoin.

Now, as traders anticipate a potential shift in White House Bitcoin policy, billionaire investor Ray Dalio has warned that the U.S. dollar may be under structural pressure. JPMorgan Chase analysts are increasingly favoring this digital asset over gold for navigating post-war currency devaluation.

As of May 10, Bitcoin is trading at $80,718.20, up 0.66% over the past 24 hours, according to CoinMarketCap.

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