It seems that things are back to normal.
Bubble Burst
Some crypto investors might have noticed Monday's drop in Bitcoin prices to $5,400.
This would be a huge drop from the $50,000 it was earlier in the month. The price did not drop, at least not as much. Bloomberg reports that the sudden devaluation was caused by a glitch in Pyth, a crypto data platform, which has been contributed to many Wall Street finance giants. Although it is not yet clear how much the glitch or investors' responses affected Bitcoins real value, which took a hit as well, it remains a shocking error for such a prominent platform.
Jumping Ship
Bitcoins' price was at $44,000 on Wednesday afternoon. This price is part of a noticeable drop in the past week. However, even that characteristic crypto volatility is nothing like the Pyth users would see before Tuesday's glitch was fixed.
Pyth's latest update is Monday's tweet that stated that engineers were investigating the problem. Bloomberg reports that it is difficult to determine if the glitch affected Bitcoin's price.
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Double-checking data on another platform can expose a glitch on one platform, so it is unlikely that Pyth users would panic and dump their crypto.
According to Bonfida's tweet, however, certain automated systems that depend on the data sold some Bitcoin to respond to the sudden drop in prices.
READ MORE: Bitcoin crashed to $5,402 due to an error on the Network Backed By Quants [Bloomberg]
More on Bitcoin: In Response to dip, El Salvador Buys a Bunch More Bitcoin
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