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2021-09-22

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Bitcoin Crashed to $5,402 in Error on Network Backed by Quants

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Its contributors include finance giants like Jump Trading Group, DRW and FTX.</p>\n<p>On Monday, it briefly reported Bitcoin’s price as $5,402. “Engineers are continuing to investigate the cause and a full report is in the works,” Pyth tweeted Monday morning. There have been no further tweets from Pyth on the matter.</p>\n<p>It’s an eye-catching error for a system that gets its information from some of the most sophisticated traders.</p>\n<p>“For something like this to succeed, the data needs to be something people can rely on,” Joe Molluso, co-president and co-chief operating officer of Pyth contributor Virtu Financial Inc., said in a June interview.</p>\n<p>Things seem to have returned to normal Tuesday. Bitcoin’s price was recently given as $41,888, close to prevailing levels.</p>\n<p>It’s the second recent problem. Pyth connects to the Solana blockchain, which stopped working for more than 17 hours last week. 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Its contributors include finance giants like Jump Trading Group, DRW and FTX.\nOn Monday, it briefly reported Bitcoin’s price as $5,402. “Engineers are continuing to investigate the cause and a full report is in the works,” Pyth tweeted Monday morning. There have been no further tweets from Pyth on the matter.\nIt’s an eye-catching error for a system that gets its information from some of the most sophisticated traders.\n“For something like this to succeed, the data needs to be something people can rely on,” Joe Molluso, co-president and co-chief operating officer of Pyth contributor Virtu Financial Inc., said in a June interview.\nThings seem to have returned to normal Tuesday. Bitcoin’s price was recently given as $41,888, close to prevailing levels.\nIt’s the second recent problem. Pyth connects to the Solana blockchain, which stopped working for more than 17 hours last week. 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