In a strange twist of events that left traders scratching their heads, Revolut, the fintech platform boasting over 70 million users, displayed Bitcoin at a jaw-dropping price of $0.02 on Thursday morning. This bewildering incident occurred amidst the backdrop of Bitcoin trading at a more realistic price range of $79,000 to $80,000, highlighting the discrepancies that can arise in the crypto market.
The glitch, which lasted merely a few minutes from 7:45 to 7:50 GMT+1, quickly gained traction on social media as users received push notifications alerting them to the shocking price drop. While some traders were understandably alarmed, others took to platforms like X to share their humorous takes on the situation.
“BTC ‘crashed’ to $0.02 on Revolut. For 3 seconds, I thought I was about to buy the entire supply and become Satoshi’s final boss,” quipped one user on X.
Revolut attributed the error to a disruption from a third-party data provider, affecting not just Bitcoin but multiple cryptocurrencies. The company reassured its users that no trades, user balances, or customer funds were compromised during the incident.
In screenshots that circulated widely online, a notification from Revolut proclaimed, “BTC reaches a 52-week low. The price of BTC has dropped to $0.02.” Such a statement sent ripples of shock through the community, prompting many to double-check their screens to confirm the bizarre figure.
During this fleeting window of confusion, Bitcoin continued to trade normally on major platforms such as Coinbase, CoinGecko, and CoinMarketCap, indicating that the glitch was isolated to the Revolut app. A spokesperson for the company confirmed that the pricing issue had been rectified, and users were once again greeted with accurate market data.
Understanding the Glitch
As a neobank rather than a dedicated crypto exchange, Revolut relies heavily on external providers for market data and liquidity. When one of these providers experienced a disruption, it inadvertently fed incorrect pricing information into Revolut’s systems. The precise identity of the third-party provider involved remains undisclosed, as the company continues to investigate the root cause of the error.
Interestingly, the glitch also impacted the price charts of other cryptocurrencies like Ethereum and XRP, which displayed sharp drops during the same timeframe as the Bitcoin anomaly.
Broader Context: Revolut’s Banking Ambitions
This incident comes on the heels of Revolut receiving its full UK banking license, a goal the company had pursued since applying in 2021. After receiving a conditional license in July 2024, the firm finally achieved full approval last month, paving the way for enhanced banking services in the UK, including deposits.
In addition to its UK expansion, Revolut is also seeking a banking license in the US and is aiming for a staggering $200 billion valuation by the time it goes public, although that IPO isn’t projected until 2028. In 2024, the company reported revenues of £3.1 billion and processed over £1 trillion in transactions across 140 countries.
However, it hasn’t been all smooth sailing for the fintech giant. Earlier this year, regulators in Italy fined Revolut €11 million for unfair commercial practices, while Lithuania slapped the company with an additional €3.5 million penalty over anti-money laundering shortcomings.
Despite the recent pricing glitch, Revolut has reassured its users that the issue has been resolved and that they can continue to navigate the crypto landscape with confidence.
