Bitcoin Forum

Around 2 hours ago there was a weird drop in the price in Bitcoins on CoinMarketCap, Bitcoins dominance was even under 50% in that price drop, I can't see any major exchange that experiences a price drop, and the price didn't fall on coingecko or other sites.
But now it's back to normal again.

https://i.ibb.co/F5xTxM2/ccpp.png


https://i.ibb.co/8MdPc8Y/coin4.png

Did you want to say 'weird' instead of 'wired'? I think it's just a small glitch on CMC. You should look at another site such as Coingecko or Coincodex to compare the price, or you can click Bitcoin to see what is the price on each exchange. I'm pretty sure it's just a glitch on CMC server.

Checking the 24 hour price chart on CMC and seeing that there isn't a point in the last 24 hrs whereas bitcoin's price went lower than even $3700, then yea, chances are that it's just a bug on CMC's side.

That's not weird, and I guess that's just some crazy glitches happening on the side of CMC from time to time. This scenario occurred a lot of times already on their server, so when looking for prices within the last 24 hours, it's best to use multiple sources and not just CMC. Don't get me wrong, they are still a reliable source of information when it comes to some fast statistics for coins, but it's not a pain to check multiple sources for verification, too.

That's normal mate because every site such coinmarketcap, has a different view when it come on the graph .common reason why mosly trader and holder always preferred to make a technical analysis in every site that provide the value of bitcoin which is just to determine the real direction of pattern or real value of bitcoin.

These kinds of stuff happens to small coins all the time, it just attracts attention when it happens to big coins. Coinmarketcap is the best and most known website for tracking all these information about crypto currencies but no matter how great it is its still a website so sometimes it makes mistakes and recovers, some websites send out broke api inquires so the price falls a bit and than the next inquiry is correct so it gets better.

If you look at bitcoin you may not see it constantly but look at coins at above 500-1000th at marketcap, you will see them have these kinds of troubles all the time. Do not assume just because price of bitcoin went down and up there it actually went down and up in the markets as well, its almost never the case when this happens.

Probably it might be server error or technical issue from coin market cap because I was still awake around that time using my LUNO trading platform to trade and didn’t notice any of such huge price movement, and my stop loss order would have been triggered on Binance if that had been an issue.

If you also go through the historical data on coin market cap. You will realize that the value showed was not recorded, so I am convinced that the value that showed was just a slight error from the site which I can see has been corrected back.

I definitely see it is a very common happening thing because there is lots of stuffs what happened like this so we cannot underestimate the development and the changes in this market will not need to be more appropriate for your future the future will always depends on that today's generation of investors.

We cannot say it will be a weird price drop because there will be a lots of things that to be happened in our blockchain system like this and don't make any confusion by seeing the quick changes in this field wait for sometimes to see the final result of this year then making the decision will be more appropriate for you to get the better decision.

LOL. I think it's really normal, you should know that on exchanges which have margin trading, this problem happen very often and it's the reason why there are so many traders lost all their money because they thought that it was the lowest price of BTC and decided to join margin trade :)

playboy & akram: seems like you guy ignore the rest of the discussion. the 'weird' thing we're talking here is about the sudden price change, like some flash pump & dump happened over seconds, which is almost impossible to happens unless there's someone who sell a lot of bitcoins or bought one in split second. i'm pretty sure those flash price change happened because a server error.

I think it should reflect on the chart if something were to happen like that. It is definitely weird with that flash pump and dump if it were true. I think it would be a great thing to consider when you are trading on different exchanges. Arbitrage would be possible. Great percentages for that lol.

as others said this is probably a bug in their system but also remember that sometimes website such as Coinmarketcap.com also try to manipulate things simply because they have gained a big popularity and majority of the people who keep checking CMC are newbies who can easily panic by seeing such numbers. they have done this with some altcoins in the past and maybe they were trying things out with bitcoin this time, suffice it to say that it did not work though.

As far as I know cmc is pulling a lot of data from different exchanges so there might be something that broke along that line causing the price to look 'weird' as the OP has suggested. And perhaps once that technical glitch was fixed, everything went to normal. But good catch by the OP.

it does not have to be said to be strange even maybe it is natural if there is a significant decline. but now maybe this can be used as one moment to buy bitcoin in large numbers

As some have said above, it's weird, yes. It's unusual yes. But it's not rare. It does happen from time to time, on any platform. I've used several and in the past when I used to really spend hours every day just staring at the live markets, you could see even for a second or so some very weird crashes, but when you tried to pull up the historical chart again, you wouldn't see it.

Just a bug, or perhaps even a very sharp order filled but at such low volumes that it doesn't record on chart times. One hour is a long time though... you should have made a video.

Such weird price movements can be caused by a stop loss wave by lots of trading bots,I guess.
A small decrease of the price,caused stop loss sell orders,which caused a bigger price decrease in the short term,because there's not enough buyers that can handle/execute the sell orders.
This is just a hypothesis,anyway. ;D

You shouldn't be using coinmarketcap, they report fake volumes and run scam ads on their website.  They are not to be trusted for accurate information.  There are many other sources that you should be using instead of the corrupt coinmarketcap website.

I agree with this. It's not the first time that this happened, and I strongly believe that as long as the bear market continues, and their income further takes a massive plunge, they'll continue accepting the most blatant scams.

That being said, we can't ignore the fact that despite people's complaints, Coinmarketcap is still the most popular market cap site out there. In other words, people complain but don't switch.

It's tempting to look at a page displaying coin activity, but I'm trying to steer clear of this circus. People are so fixated on market caps that they completely ignore the fact that it comes down to fundamentals, not market cap.

Either an innocent bug or an intentional attempt to make people sell their coins.

I can remember how CMC out of nothing decided to remove certain exchanges from XRP's pricing data, which caused its price to tank with 20% on CMC, which made people freak out, while all spot prices were still the same. It's a centralized service that only provides you the data it wants/allows you to see. For accurate pricing data just stick to your spot exchange.

It's not that they scammed people. If you take CMC too serious you're basically fooling yourself.

Well, as you can see that is some kind of quick manipulation there, if anyone has bought it at that current price probably he's getting a profit after it spikes back to $3.8k again. To me it is not that weird, it is just how the market works and it is normal in every situation. It is always unexpected to happen at any time or day, that's why trading is not for everyone.

Could be a glitch. Coinmarkcap has been showing wrong price these days. There is a coin I have that show different numbers on coinmarkcap and exchanges. Also depends on how  prices on different exchanges are calculated by Coinmarkcap. Could be "average calculation" and an exchange showed very low or high price and this caused wrong average calculation by  Coinmarkcap.

This looks like an exchange have tried to short the market, by adding massiv fake and negative volume, the 24h coinmarketcap volume was 50.8 billions on the first picture and down to an normal volume of around 35 billion on the second picture.
And and its looks like it was only bitcoins volume that was manipulated, from the normal 24h volume of around 10 billions up to a massiv 25 billion volume.

That's trading was being controlled or manipulated by those whalers, and I agreed that trading is not that easy. And we can't do nothing really in the reality things happens in the actual market platform too.

I noticed that too. It was really weird. But I also did not see this drop on exchanges and other sites with crypto, so I immediately took it for some mistake.

This is just some normal errors with coinmarketcap.
You should not rely on that website most of the time.

Try just staying with exchange like binance or something better. The live price is there.
Look, the reading of CMC is the buying price so any price input with that just sells 1 satoshi could be read by them and could also make some changes.
Besides, there is no accurate price of bitcoin out in the market. They are all different.