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

  • That roughly 90% plunge wasn’t mimicked elsewhere in crypto
  • Eye-catching error from service affiliated with top traders
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Down the Bitcoin Rabbit Hole

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.