Key Takeaways
- Bitcoin displayed at $0.02 on Revolut while actual market prices hovered between $79,000 and $80,000 across major platforms
- The pricing anomaly occurred during a brief window from 7:45 to 7:50 GMT+1 on Thursday
- A third-party data provider malfunction caused the display error, according to Revolut
- User accounts, trading functionality, and customer assets remained unaffected throughout
- The glitch occurred weeks after Revolut secured complete UK banking authorization
On Thursday morning, Revolut users around the globe witnessed an unusual sight: Bitcoin supposedly trading at just $0.02. This stark contrast to the actual market value of roughly $79,000 to $80,000 caught attention across the platform’s 70 million-plus user base. Despite lasting merely minutes, the error rapidly gained traction online after automated alerts reached thousands of subscribers.
Social media platforms filled with screenshots displaying Revolut’s notification: “BTC reaches a 52-week low. The price of BTC has dropped to $0.02.” Reactions ranged from genuine concern to humorous commentary about the bizarre 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,” one user posted on X.
User reports indicate the pricing error surfaced between 7:45 and 7:50 GMT+1. Throughout this period, Bitcoin maintained normal trading activity on platforms like Coinbase, CoinGecko, and CoinMarketCap, with zero indication of any actual price volatility on established exchanges.
Revolut acknowledged the malfunction originated from an external data service partner. Company representatives stated the pricing discrepancy had been corrected and accurate market information was flowing properly again. Internal investigations continue to determine the precise source of the data feed interruption.
The fintech giant emphasized that the technical problem exclusively affected visual price displays and automated notifications. Core functions including transaction processing, account balances, and fund security experienced no disruption whatsoever.
Understanding the Technical Failure
As a digital banking platform rather than a specialized cryptocurrency exchange, Revolut depends on third-party vendors for market pricing, liquidity access, and trade fulfillment. When one vendor experienced technical difficulties, corrupted data entered Revolut’s display and notification infrastructure.
Revolut has withheld the identity of the problematic vendor. Company officials continue assessing the situation to prevent recurrence.
The pricing irregularity extended beyond Bitcoin. Revolut’s 24-hour charts for additional digital assets including Ethereum and XRP displayed similar unexpected plunges coinciding with the Bitcoin data error.
Recent Developments at Revolut
This technical hiccup arrived on the heels of Revolut obtaining unrestricted UK banking authorization. Following an application submitted in 2021 and provisional approval granted in July 2024, complete licensing materialized last month. This advancement enables expanded UK financial services including deposit accounts.
Revolut is pursuing American banking credentials while reportedly seeking a $200 billion company valuation through a public offering, though market entry isn’t anticipated before 2028.
The platform generated £3.1 billion in revenue throughout 2024 while facilitating transaction volumes exceeding £1 trillion. Current operations span 140 nations worldwide.
Regulatory bodies in Italy levied an €11 million penalty against Revolut in April citing improper business practices. Lithuanian authorities separately imposed €3.5 million in fines related to anti-money laundering compliance shortcomings.
Revolut confirmed all pricing systems have returned to normal operation and considers the matter resolved.
