Binance CEO defends Coinmarketcap after errors on BTC price & market cap

06 Mar, 2019 | Updated: 06 Mar, 2019
by Fifi Arisandi
Social
Binance CEO defends Coinmarketcap after errors on BTC price & market cap

Coinmarketcap experienced an error, Binance's Changpeng Zhao came to defend from an unsatisfied user.  

Following an “unusual pattern” of the crypto market on Coinmarketcap just a couple hours ago, where Bitcoin price was seen at $3,558 and losing by -5,4% while the others were gaining, a Reddit user brought the issue to the social media to find out what was going on exactly.

Bitcoin down but everything else is up, never seen a pattern like this before. What is going on? from r/CryptoCurrency

Many users who also paid attention to the issue commented that it was an issue or “a bug” with Coinmarketcap’s platform since the price on the other platforms were not that low. At around the same time, Coinbase’s BTC price was $3,822, while on Coin Gecko, it was over $3,800.

The good news is, the issue didn’t seem to last long as the price and market cap of Bitcoin are now showing “similar numbers” with the other platforms, such as Live Coin Watch.

A Twitter user, however, seemed to be very bothered with the errors and decided to tweet his heart out by mentioning renowned figures in the crypto space, such as Binance’s CEO Changpeng Zhao and Morgan Creek’s Anthony Pompliano.

“Another level of Manipulation, showing BTC price wrong and total Market Cap wrong. Our decentralized revolution are based on centralized authority. 😂 😂 World need a Decentralized Market Cap,” user Vinitmanchanda5 tweeted.

Out of the many mentions he received, CZ decided to reply to this particular tweet.

“Go build it.  Not as easy as just talking about it,” he replied.

He then continued by tweeting his opinion on the matter, “Have u thought about how much effort CMC team put in to build @CoinMarketCap? And the value they contributed to our space? Just one glitch in data (from a 3rd party source) doesn't erase that.”

Regardless of the complainer's argument that “due to a glitch, billions of market cap washed out within minutes”, CZ has a very good point.

As a user said, “Talk is cheap. Show me the code” or quoting CZ himself, “I challenge you to do (not talk) better!”

CZ's wisdom is not a secret. He's considered as one of the most respected figures in the crypto space.

His coin, the Binance coin (BNB) has seen good days in the past couple of weeks and is now at the 8th position of the largest crypto by market cap after surpassing Stellar (XLM) just a couple of hours ago. 

WATCH: Why the Binance CZ AMA caused $BNB to PUMP!

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