Several users of the Revolut app experienced a significant discrepancy in Bitcoin pricing on Friday, with reports indicating that the cryptocurrency briefly displayed values far below prevailing market rates. The incident raised questions about whether it was a technical glitch or a liquidity issue.
According to user screenshots, Bitcoin’s price on Revolut dipped to around £29,414 before quickly rebounding to approximately £58,600. Some social media posts suggested even more drastic lows, with claims of prices as low as 2 cents. However, these claims could not be independently verified, and it remains unclear if any trades were executed at these anomalous levels.
Market data from CoinGecko and CoinMarketCap indicated no similar pricing anomalies across other exchanges, where Bitcoin was trading at just over $79,000 during the same period. Revolut had not responded to inquiries regarding the incident by the time of publication.
Reports from users on the platform X suggested that buy orders may have been executed during the price disruption, but these claims have yet to be confirmed. Should any trades have been filled at the erroneous prices, Revolut would need to assess whether these reflected legitimate market conditions, outdated quotes, a routing issue, or an internal pricing error.
Price fluctuations in cryptocurrency applications can arise from various factors. A display error may present incorrect prices without actual market transactions occurring. Additionally, thin liquidity on a specific platform can lead to sharp price movements if orders are placed against a shallow order book.
In past instances, similar pricing dislocations have occurred. For example, in December, Bitcoin’s price on Binance’s USD1 pair briefly fell due to a lack of trading activity on that specific pair, rather than broader market trends. South Korean exchanges also experienced sharp price movements during a spike in activity in 2024.
In the context of broader market trends, there is ongoing speculation regarding Bitcoin’s future, particularly as Wall Street sees increased trading activity. Record volumes of bullish S&P 500 call options, amounting to approximately $2.6 trillion in notional value, suggest a rise in speculative trading, which may have implications for the cryptocurrency market.
Revolut users reported a significant pricing glitch for Bitcoin, with values briefly dropping to levels far below market rates. The incident, which raised questions about its cause, appears isolated, as other exchanges showed no similar anomalies.