Crypto.com and Coinbase Global Inc CoinMarketCap.com Over Data Disruption

Lutfi

Crypto.com and Coinbase Global Inc CoinMarketCap.com Over Data Disruption
Crypto.com and Coinbase Global Inc CoinMarketCap.com Over Data Disruption

Rancakmedia.com – A data error has been linked to CoinMarketCap.com, according to industry officials. Crypto.com and Coinbase Global Inc accused the data provider of temporary display huge increase for many currencies bitcoin.

The finger-pointing has begun after a data outage led to a brief display of huge gains for various cryptocurrencies late Tuesday.

To address “unreliable price feeds,” Crypto.com CEO Kris Marszalek pointed the finger at leading data provider CoinMarketCap. President and Chief Operating Officer of Coinbase Global Inc. Emilie Choi also blamed faulty price data from CoinMarketCap.com, which is controlled by rival exchange Binance.

The episode “shows a growing industry,” Choi said during an interview Wednesday at the Bloomberg Technology Summit. Coinbase, exchange crypto The largest US, has more than 70 million clients globally.

While the specific source of the disruption remains unknown, some industry insiders point to the possible involvement of APIs, or application programming interfaces. Websites use APIs to talk to each other, and websites can make their APIs public so that other websites can include their data, for example.

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Coinbase did not respond to questions about how much the company paid for CoinMarketCap's data feed. Crypto.com declined to comment.

Technical glitches have long plagued the cryptocurrency market, with many exchanges typically having difficulty completing transactions during times of heavy trading activity.

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Since the advent of cryptocurrencies, the anonymity that has been a selling point has also become a liability when it comes to hacking and theft.

“The view here is that it happens quite regularly to the level where people start to get impatient,” said Owen Lau, an analyst at Oppenheimer & Co. “While people are still looking for the underlying cause, I wouldn't be surprised to hear that. that people will blame client-facing applications like Coinbase even if the error comes from data provided by a third party.”

“For these markets to be considered trustworthy by institutions and regulators, we need data sources that are reliable and transparent,” said Nic Carter, who co-founded Coin Metrics, a crypto data platform.

Conclusion:

Crypto.com and Coinbase Global Inc accused the data provider of a temporary display of major increases for the bitcoin currency.

The episode “shows a growing industry,” Choi said Wednesday at the Bloomberg Technology Summit. Technical glitches have long plagued the cryptocurrency market, with many exchanges typically having difficulty completing transactions during heavy trading activity.

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Lutfi

Hi, let me introduce myself, Lutfi Hulasoh, I am a writer and techno blogger. I started creating a personal blog writing informative articles about the latest trends and developments in technology. My writing covers a wide range of topics, from mobile applications to artificial intelligence, and I can also provide easy-to-understand explanations to help readers understand complex concepts.