Users of the Revolut app said that Bitcoin’s price dropped to almost $39,900 for a short period on Friday. Traders who got alerts about sudden price changes, such as BTC hitting a 52-week low of 2 cents, said that the prices were even more extreme.
On top of that, users saw what seemed like a simultaneous decline in the value of a number of other cryptos such as XRP, Solana (SOL), and USDT, USDC, and stablecoins on the platform.
During that time, there was no corresponding price dislocation in aggregated multi-exchange data or futures markets; the abnormalities, which promptly disappeared, seemed to have been limited to the Revolut app.
No matching change in Bitcoin or other key assets was seen by external price sources like CoinMarketCap and CoinGecko, indicating that the occurrence was probably triggered by a pricing or data error particular to the platform rather than a market-wide event.
Suspected Data Feed or Liquidity Issue
According to Revolut, its teams are now working on a solution to the problems that have been impacting the app’s functionality. Experts on Revolut’s BTC chart have come up with two possible reasons for the about 50% intraday wick.
According to him, the first one is a data feed issue. The 1D chart was temporarily anchored at about $39,900 before correcting, suggesting that a corrupt tick was passed via Revolut’s pricing system. It’s worth noting that Revolut is not an exchange and obtains prices from other suppliers, so even a single false data point might cause such a chart swing.
Another possible reason, according to the expert, is a temporary shortage of liquidity in a market with few orders. He noted that compared to a complete exchange, Revolut’s liquidity depth is restricted. In this case, a big sell order can momentarily deplete the available bids, causing a steep downward wick to be printed before the market recovers.