Display Error Made Bitcoin Appear $4,000 Cheaper For Some Robinhood Users

The price of Bitcoin BTC/USD displayed on Robinhood Markets Inc HOOD trading app was $4,000 lower than its actual market price during Asian hours on Friday.

What Happened: Several users reported trying to buy Bitcoin at a low of $34,500 on Robinhood and immediately sell it on other exchanges for a higher price.

Bitcoin price on Robinhood is more than $4,000 lower than the broader market pic.twitter.com/03BnKjTVJp

— Frank Chaparro (@fintechfrank) February 25, 2022

Bitcoin was trading at a price of $38,626 on Coinbase Global Inc COIN, while trading at under $35,000 on Robinhood.

Thousands of users are reporting a major #Bitcoin crash on Robinhood. Prices have mysteriously tanked nearly -$5,000 in a matter of seconds. pic.twitter.com/2ugsGmX8hT

— Mr. Whale (@CryptoWhale) February 25, 2022

“Users have not been able to actually BUY Bitcoin at this price it seems. Orders can be entered, but not filled. But brutal user experience given clients are not able to access the market and are getting these updates," The Block’s News Director Frank Chaparro said on Twitter.

Chaparro later confirmed the price was reflected inaccurately on Robinhood due to a display issue and not a fault with the platform’s liquidity providers.

Okay - I can confirm that this is a display issue. Basically old data being erroneously presented to users.

Not tied to issues with their liquidity providers.

— Frank Chaparro (@fintechfrank) February 25, 2022

No orders placed at the inaccurate price had been fulfilled and clients who attempted to place orders were reportedly notified that they would not be executed.

Some users also reported they had noticed a similar price glitch with Ethereum ETH/USD on Robinhood.

This is how the $ETH chart looked yesterday. I think we might have uncovered a glitch in the Matrix. pic.twitter.com/rbW4PDaBvn

— Awawat (@Awawat_Trades) February 25, 2022

On Thursday, Ethereum lost 10% of its value and was trading at around $2,300 for most of the day. Sme Robinhood users reported seeing the coin reach close to $2,800 on the same day.

Price Action: Robinhood shares traded 0.087% lower during the pre-market session on Friday.