A token representing Bitcoin virtual currency sits among cables and LED lighting inside a 'mining rig' computer in this ar

Bitcoin Crashed to $5,402 in Error on Network Backed by Quants - BNN Bloomberg

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2021-09-23 11:30:06

A token representing Bitcoin virtual currency sits among cables and LED lighting inside a 'mining rig' computer in this arranged photograph in Budapest, Hungary, on Wednesday, Jan. 31, 2018. Cryptocurrencies are not living up to their comparisons with gold as a store of value, tumbling Monday as an equities sell-off in Asia extended the biggest rout in global stocks in two years. Photographer: Bloomberg/Bloomberg , Photographer: Bloomberg

(Bloomberg) -- A cryptocurrency data network run by some of Wall Street’s biggest players showed a roughly 90% plunge in Bitcoin on Monday, a glitch that didn’t show up on other platforms.

The platform, called Pyth, is heralded by its supporters as an industrial-grade source for pricing information on assets like stocks and cryptocurrencies. Its contributors include finance giants like Jump Trading Group, DRW and FTX.

On Monday, it briefly reported Bitcoin’s price as $5,402. “Engineers are continuing to investigate the cause and a full report is in the works,” Pyth tweeted Monday morning. There have been no further tweets from Pyth on the matter.

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