TL;DR
- Gemini sent out a false alert indicating Bitcoin surpassed $100,000 due to an error in their notification system.
- The actual Bitcoin price was close to $93,000, driven by speculation about a Trump administration being favorable to cryptocurrencies.
- Some users speculated that an employee or intern may have triggered the alert prematurely due to a mistake.
On November 13, 2024, users of Gemini, one of the leading cryptocurrency exchanges, received a message indicating that Bitcoin had surpassed $100,000.
However, the announcement turned out to be an error.
In reality, Bitcoin had reached its all-time high of $93,000, fueled by market optimism surrounding a potential Trump administration that could favor cryptocurrency regulations.
The exchange admitted the error in a statement posted on social media platform X (formerly Twitter), clarifying that the alert had been sent due to a failure in their notification system.
The message that caused confusion stated that Bitcoin had exceeded the $110,000 mark, which did not align with the actual market value.
According to analysts, Bitcoin’s price rise was primarily driven by the so-called “Trump trade,” where investors anticipated a Trump administration would bring favorable regulations for cryptocurrencies.
Despite the confusion, Gemini expressed optimism, stating that Bitcoin’s price would reach $100,000 “soon.”
The confusion not only prompted responses from users but also sparked speculation about the possible cause of the error.
Some users suggested that an employee or even an intern at the platform may have triggered the alert incorrectly, either due to a misunderstanding of market prices or an error in setting up the alert system. It is important to note that this type of error is not unique to Gemini.
In the past, other platforms such as Coinbase and Crypto.com have also faced similar issues, where incorrect prices were displayed due to technical failures, causing confusion and, in some cases, influencing investors’ decisions.
Errors in cryptocurrency alerts on Gemini: A recurring problem
Gemini’s incident highlights a common issue in the cryptocurrency sector: errors in price alert systems.
These failures can have a significant impact on users, especially in markets as volatile as cryptocurrencies.
Although cryptocurrency exchanges are working to improve their systems, similar errors continue to occur across various platforms.
In 2021, both Coinbase and Crypto.com were criticized for showing incorrect cryptocurrency prices due to errors in data provided by CoinMarketCap.
These types of problems not only affect users’ trust in platforms but also highlight the fragility of automated systems, which still rely on both human and technological accuracy.
Despite advancements in technology, failures in notification systems remain a concern for cryptocurrency exchanges.
With the continued growth of this market, platforms must continue to invest in improving the accuracy of their systems to prevent future errors that could cause confusion or even financial losses for users.
