Revolut, a financial technology application that has many users globally in the cryptocurrency industry, came to the fore with an unusual deviation in the Bitcoin price in the morning hours of Friday, June 7. Users reported in the application that the BTC price suddenly fell well below the market value and returned to its normal level. The incident was clearly visible, especially in the in-app graphics, and data flow improved after a few minutes.
Large price deviation caused anxiety
Users who entered the application stated that it showed that the price of Bitcoin dropped to £ 29,414 for a moment during the day. While this decline can also be seen on Revolut’s official charts, it was claimed in some social media posts that the price dropped to almost zero. While there was no independent confirmation of similar levels by CoinDesk, Bitcoin rose again to around £58,600 after the base price shown by the app.
There was no price deviation in markets outside Revolut’s platform during the incident. Bitcoin was trading at around $79,000 on exchanges listed on CoinGecko and CoinMarketCap.
Users suggested that buy orders were executed
Some users on the social media platform X claimed that the buy orders they placed during the price deterioration were realized. However, no definitive information could be found regarding independent verification of these claims. In such a case, it remains unclear whether Revolut will base these transactions on real liquidity or on a platform-related error or delayed data.
Revolut did not respond to CoinDesk’s questions regarding the issue by press time.
Similar technical glitches in crypto applications have occurred before. Such sudden movements may be caused by instantaneous problems in price display, low liquidity on the platform or delayed data flow. Especially when liquidity is shallow, the price can deviate significantly for a short time with sudden orders.
Allegations of market manipulation were not brought to the agenda
Following the incident, there was no concrete evidence that individual investors were harmed or that there was manipulation in the market. In such problems, it is generally seen that either technical errors in the data flow or very low volume transactions disrupt the price on the platform for a short time.
A similar price disruption was seen in a trading pair of Binance in December 2023, when the Bitcoin price fell well below the market for just a few seconds. In South Korea, during the political events in 2024, prices showed short temporary deviations due to a sudden increase in orders in local stock markets.
Although such individual price breaks are not common in the crypto market, they may occur from time to time for reasons independent of applications and platforms. In such cases, users are advised to avoid unconfirmed transactions and acting arrogantly.
