On Friday, a sudden software glitch in fintech firm Revolut’s cryptocurrency trading application led to widespread confusion, after millions of users saw drastically incorrect prices for assets like Bitcoin. According to screenshots circulating on social media, Bitcoin’s listed price on Revolut plunged to an unbelievable $0.02.
Root cause and company’s initial response
The brief malfunction also triggered significant price distortions in other digital assets, including XRP, Solana, and major stablecoins such as USDC and USDT. Even stablecoins, normally pegged to one dollar, appeared to drop to just a few cents. Once the error was detected, Revolut’s engineers intervened within minutes to restore prices to their normal levels.
A spokesperson for Revolut explained that the issue originated from a third-party data provider, and that an in-depth review was ongoing. The company assured the public that functionality had been fully restored following prompt troubleshooting by its technical team.
The company noted that the source of the glitch had been identified and that its engineers quickly acted to restore users’ access to real market data.
Dave Flowman, an analyst who monitors software outages and market volatility in the crypto sector, emphasized that the event did not involve any actual market sell-off. Flowman clarified that, despite Revolut’s charts showing a 50% drop, genuine market prices remained unaffected and the incident was purely a display error.
Impact of the pricing glitch
During the error window, the Revolut application made it appear as if Bitcoin had spiraled down to $0.02, while the real price at other exchanges stood around $79,000. Meanwhile, Ethereum was shown below $2,200, Solana at roughly $85, and XRP near $1.25—all figures dramatically below market averages, and only visible within the Revolut platform.
Some users also reported receiving erroneous notifications that Bitcoin had hit a 52-week low. High-profile investor Jordan Kerridge remarked that such price discrepancies might suggest buying opportunities. However, an official statement clarified that no trades were executed at these incorrect prices.
Analysis revealed that Revolut’s internal software safeguards blocked transactions at erroneous prices, effectively preventing what could have been substantial financial loss.
Market and user reactions
The incident sparked concern across Europe, with many investors alarmed to see their portfolio values seemingly evaporate and widespread debate flaring up on social media. The underlying cause, however, lay in a disruption to data feeds from Revolut’s provider, rather than any market-wide fluctuations.
Following technical repairs, Revolut updated Bitcoin and other cryptocurrency prices to reflect accurate market values. Once the brief episode passed, platform users were able to once again view their assets correctly.
The technical team stated that their systems are designed to guard against software errors that might otherwise cause significant financial losses.
Ultimately, the platform confirmed that no buy or sell orders had been completed at faulty prices. Analysts praised Revolut’s precautionary algorithms, which prevented transactions based on erroneous data as a critical safety measure.
In the wake of the incident, experts have warned that reliance on centralized applications and data providers can expose users to unexpected risks.
Recent volatility in Bitcoin’s price continues to heighten investor sensitivity, as U.S. policy shifts and growing institutional interest bring fresh uncertainties to the crypto market.
