Errant quotes made cryptocurrency investors ‘quadrillionaires’ on paper today. Here’s how the crypto community reacted.

Bitcoin has minted more than a few million millionaires in recent years as its value has soared since its inception more than a decade ago, but an apparent supply problem made investors richer – on paper at least – for a while on Tuesday.

Crypto sites, including digital asset exchange Coinbase Global COIN,
-0.71%
and CoinMarketCap.com, were acknowledging issues with the bids offered for some of the most popular cryptocurrencies, including bitcoin BTCUSD,
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and Ether ETHUSD,
+ 2.13%
on the Ethereum blockchain.

Context: Coinbase and CoinMarketCap briefly show the erratic cryptocurrency price movement

Read also: The cryptocurrency market is uneasy about the Fed meeting and rising inflation. Here’s why.

Popular data site CoinMarketCap.com was offering one bitcoin briefly trading at around $778,000,000, compared to its actual ballpark price of $48,000.

One of the founders of Dogecoin DOGEUSD,
-1.49%And
Billy Marcus, quipped on Twitter that Cute made him an “unrealized quadruple millionaire,” Doge also soared to a price tag of $194,509 from about 19 cents offered on sites including CoinDesk.

Coinbase has been showing an error message on its site for at least some users.

Via the US Coinbase platform

Even stablecoins, which are supposed to be pegged to a fiat currency like EURUSD,
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or DXY in US dollars,
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Where unusual prices are displayed.

One unit of the well-known stablecoin Tether was exposing a price of close to $14 million, when, in fact, it was supposed to stay at $1. Another stablecoin, USD Coin, was offered for around $12 million, offered by CoinMarketCap and other sites.

A call to Coinbase representatives was not immediately answered, but the platform indicated via Twitter that it had fixed the issue.

No call was returned to CoinMarketCap either, but the bug on their site was fixed at the time of publication.

Some cryptocurrency buyers laughed at their reaction when they tried to withdraw inflated funds. Others joked about the difference between the prices on CoinMarketCap and their actual net worth.

The supply issue comes about a week after the cryptocurrency suffered a sudden crash over the weekend that drastically reduced the value of a host of digital assets.

This time around the issue appears to be almost entirely related to false quotes rather than any real price shifts in the cryptocurrency markets.

paying offA ‘perfect storm’ as Bitcoin crashes this weekend bringing it to the brink of ‘collapse’. This is what the crypto bulls say.

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