Bitcoin dropped to $0.019?... A 99.99% fake crash commotion

▲ Bitcoin (BTC), cryptocurrency crash/AI generated image

An error occurred in the European fintech app Revolut, where the price of Bitcoin (BTC) was temporarily displayed at near zero. Although it was a price display error resulting from a third-party service outage rather than an actual market price crash, the confusion grew as some users even received 52-week low price alerts.

According to the cryptocurrency specialized media Decrypt on May 8, Revolut displayed Bitcoin's price at near zero overnight. Decrypt reported that the displayed price was $0.019, a 99.99% drop from the actual trading level of approximately $79,000. Some Revolut users received push notifications on Thursday morning stating that Bitcoin had hit a 52-week low of $0.02.

According to user reports, the incorrect price display occurred for a short period between 7:45 AM and 7:50 AM on Thursday morning. A Revolut spokesperson told Decrypt that the price error was caused by an issue with an as-yet-unidentified third-party service provider.

A Revolut spokesperson stated, “Earlier today, due to a service outage with a third-party provider, an inaccurate price was displayed on our platform. The issue has been resolved, and we can confirm that prices are now reflecting market conditions. We are evaluating the details of the outage.”

While Bitcoin was displayed at a near-zero price on the Revolut app, Bitcoin trading on major exchanges continued normally. Decrypt reported that data from CoinGecko, CoinMarketCap, and Coinbase showed no extreme changes in Bitcoin's actual market price during that period.

After the error, some users expressed concern on social media, while others took the commotion as a joke. One X (formerly Twitter) user wrote, “Bitcoin 'crashed' to $0.02 on Revolut. For 3 seconds, I thought I was going to buy the entire supply and become Satoshi's final boss.”

Revolut's 24-hour chart also showed significant drops for other major cryptocurrencies like Ethereum (ETH) and XRP at the same time. However, Decrypt noted that these drops were not as deep as Bitcoin's.

Revolut is a fintech company that provides traditional financial services and cryptocurrency trading to millions of users across Europe. The company has expanded its digital asset services in recent years and applied for a U.S. banking license in March. It is also reportedly seeking a $200 billion valuation in an IPO, but Decrypt stated that the company does not plan to proceed with the process before 2028.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. This content should be interpreted for informational purposes only.*