TLDR
- A technical error caused Revolut to show Bitcoin priced at $0.02 while actual market rates hovered between $79,000 and $80,000
- The pricing anomaly persisted for approximately five minutes, occurring between 7:45 and 7:50 GMT+1 Thursday
- Revolut attributed the malfunction to a disruption from an external data service provider
- Customer balances, trading activity, and account funds remained completely unaffected
- The glitch emerged shortly after Revolut secured its complete UK banking authorization
Revolut, a financial technology platform serving more than 70 million users globally, experienced a brief technical failure Thursday morning that displayed Bitcoin’s value at just $0.02. Meanwhile, the cryptocurrency’s actual trading price remained stable near $79,000 to $80,000 across major exchanges. Though the malfunction lasted mere minutes, it generated immediate attention on social platforms after automated alerts reached numerous users.
Images circulated on X captured a Revolut notification stating: “BTC reaches a 52-week low. The price of BTC has dropped to $0.02.” The unexpected message caused concern among certain users while amusing others.
“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 indicated the malfunction occurred within a five-minute window between 7:45 and 7:50 GMT+1. Throughout this period, Bitcoin maintained standard trading patterns on platforms including Coinbase, CoinGecko, and CoinMarketCap. No actual price volatility materialized on any established cryptocurrency exchange.
Revolut acknowledged the problem originated from an external service provider. A company representative stated the pricing malfunction had been corrected and accurate market information was again visible within the application. The firm indicated it continues investigating the precise source of the technical disruption.
Revolut emphasized the glitch exclusively impacted price presentations and notification systems. All trading functions, account balances, and user assets remained secure throughout the incident.
What Caused the Error
Revolut functions as a digital banking platform rather than a specialized cryptocurrency exchange. Consequently, it depends on third-party vendors for market information feeds, liquidity access, and transaction processing. When one such provider experienced a technical disruption, incorrect pricing data entered Revolut’s display and notification infrastructure.
The specific vendor responsible has not been publicly identified. Revolut stated it continues assessing the circumstances surrounding the incident.
Revolut’s 24-hour pricing graphs for additional digital assets, including Ethereum and XRP, exhibited similar dramatic declines coinciding with the Bitcoin pricing error.
Context: Revolut’s Recent Expansion
This technical issue emerged shortly following Revolut’s acquisition of complete UK banking authorization. The organization submitted its application in 2021 and obtained provisional licensing in July 2024. Final authorization arrived last month, enabling expanded UK banking capabilities including deposit services.
Revolut is simultaneously pursuing United States banking licensure and reportedly pursuing a $200 billion company valuation through a public offering, though such plans aren’t anticipated before 2028.
The platform reported £3.1 billion in annual revenue for 2024 while handling transaction volume exceeding £1 trillion. Its operations span 140 nations worldwide.
Italian regulatory authorities imposed an €11 million penalty on Revolut in April for questionable business practices. Lithuanian officials separately levied a €3.5 million sanction regarding anti-money laundering compliance shortcomings.
Revolut confirmed accurate pricing functionality has been restored and considers the matter resolved.
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