Revolut corrects third-party error after Bitcoin $0.02 scare - Coinfea

Revolut has announced that it has fixed 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. In addition, Dave Flowman contended the incident was just a glitch, not a real crash.

Revolut fixes glitch that showed false BTC price

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 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.

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 alarm in Europe. Users were worried because they watched their portfolios vanish. Revolut quickly acted. The firm promised it would rectify the issues.

The company 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.