Crypto Exchange Gemini Apologizes for False Alert on Bitcoin Reaching $110K

Crypto exchange Gemini, founded by the Winklevoss brothers, admitted Wednesday to mistakenly issuing a Bitcoin price alert stating the asset was above $100k.

“This message was sent due to an error in our notification system,” the team said on X, indicating a technical error or premature alert trigger. “Sorry for the false alarm–we’ll get there soon!”

Gemini Faces Backlash After Incorrect Bitcoin Alert Triggers Confusion

The exchange’s apology came after users on X reported receiving an email on Nov. 13 claiming Bitcoin hit $110,000. In reality, Bitcoin had reached an all-time high above $93,000, driven by renewed investor confidence following President-elect Donald Trump’s rise.

We are aware that Gemini just sent a price alert and email noting that the price of bitcoin is now over $100K. This message was sent due to an error in our notification system.

Sorry for the false alarm–we'll get there soon!

— Gemini (@Gemini) November 13, 2024

Market analysts attribute the rise to the “Trump trade,” as investors anticipate that a Trump administration will bring favorable crypto regulations.

Some users speculated that an employee or intern may have triggered the alert prematurely. This could have been due to a misinterpretation of the market price or an error in setting up the alert system.

Crypto Exchanges Struggle with Price Errors

Cryptocurrency exchanges often face issues where they mistakenly send incorrect price alerts or display inaccurate prices. These errors can occur due to technical glitches, human mistakes, or system misconfigurations, leading to confusion among traders.

In 2021, users noted that Coinbase and Crypto.com apps mistakenly showed prices much higher than the real market rates, potentially influencing trading choices or causing false alerts. Both platforms attributed the error to faulty data from CoinMarketCap.

Further, earlier this month, Binance experienced a display error where XRP was shown at an inflated price of $5,791.