A significant disruption in the cryptocurrency pricing data on Revolut’s app occurred recently, attributed to a failure by a third-party provider. Users reported alarming price discrepancies, with Bitcoin being displayed at an astonishingly low figure of just 2 cents, prompting widespread confusion and concern on social media platforms.
In a public statement, Revolut confirmed the issue and revealed that their engineering team was actively addressing the malfunction. Customers were encouraged to monitor the company’s status page for real-time updates on the situation. “We want to help resolve the issues you’re facing with the Bitcoin price notification,” the company stated, acknowledging that certain functionalities within the app were affected.
As the situation unfolded, a company spokesperson later explained that the disruption had been rectified, confirming that the chaos stemmed from a service failure at an unnamed external pricing provider. While the immediate crisis was resolved, Revolut indicated that it was still assessing the complete details surrounding the incident.
The glitch, particularly alarming for cryptocurrency traders, was not limited to Bitcoin. Users also observed simultaneous price drops across other cryptocurrencies, including XRP, Solana, and stablecoins like USDT and USDC—assets typically meant to maintain a stable value around one dollar. Social media echoed with screenshots displaying Bitcoin’s 24-hour price chart, which astonishingly showed a near 50% intraday plunge before rapidly stabilizing once more.
Also of note were push notifications sent to certain users, indicating that Bitcoin had reached a 52-week low of 2 cents, further adding to the confusion. However, price data from major aggregators such as CoinMarketCap and CoinGecko indicated no unusual movements in the cryptocurrency markets during the same time frame. Bitcoin’s price remained consistent across these platforms, suggesting that the anomaly was confined solely to Revolut’s app.
Experts weighed in on the potential causes behind the incident. Ranveer Arora, a former quantitative trading lead and co-founder of Altura.trade, proposed two possible explanations. He suggested that the problem could stem from a corrupt data tick entering Revolut’s pricing system, which would only require a single erroneous data point to create such distortion. Since Revolut derives its pricing from external providers, one faulty input could significantly impact the displayed price.
The second explanation centered on a transient liquidity gap. Given that Revolut’s order book is not as robust as those found on traditional exchanges, a considerable sell order might deplete available bids, leading to a sharp downward spike before prices corrected themselves. However, Arora noted that the absence of similar anomalies on other platforms lent more credence to the data feed explanation.
Marc Tillement, the director of blockchain price oracle Pyth Data Association, emphasized how vital reliable pricing data is, especially in retail-facing systems. He highlighted that in an increasingly data-dependent landscape, the integrity of pricing infrastructure becomes paramount for traders. He argued that transparent and verifiable data layers are essential to distinguishing between a minor glitch and a more significant crisis.
This incident raises questions about the unique risks faced by retail trading applications in the cryptocurrency market, underscoring the importance of robust data verification mechanisms to maintain consumer trust.
