Bitcoin "Flash Crashes" to $0.02, What Exactly Happened in the Crypto Market?

TradingKey - Revolut platform glitch caused Bitcoin prices to crash to $0.02; no panic was triggered, but it is essential to remain alert to the risks of such events.

According to Cointelegraph 's report on May 8, Bitcoin ( BTC) prices on the financial app Revolut briefly plunged below $40,000, and some users received price alert notifications—Bitcoin hit a 52-week low of $0.02. In addition, other cryptocurrency prices also saw sharp declines, with Ether ( ETH) falling below $2,200, Solana ( SOL) dropping to around $85, and Ripple ( XRP) falling to around $1.25.

Despite the price crash of these cryptocurrencies on Revolut, there were no corresponding fluctuations on platforms such as Coinbase ( COIN ), Binance ( BNB) and other platforms. As of press time, Bitcoin has returned to above $80,000, Ethereum has broken through $2,300, SOL has surpassed $90, and Ripple is staying above $1.4.

Prices of the top ten cryptocurrencies by market cap, source: CoinMarketCap

Shortly after the incident occurred, Revolut posted an urgent message on the social media platform X, stating that some features of our application are being affected by certain issues. Please be assured that our colleagues are working hard to resolve it. Currently, Revolut has responded that the abnormal issue has been resolved.

Although this incident did not occur on a mainstream exchange and did not trigger market panic selling, one must still be alert to its recurrence. If you are long, such extreme events may lead to your position being "forcefully liquidated"; if you are short, the platform may judge the price as invalid. Therefore, it is essential to follow the "don't put all your eggs in one basket" principle and diversify assets across compliant exchanges, hardware wallets, and digital banks, etc.

If you are unfortunately liquidated, you need to immediately take screenshots or videos to record the time of the abnormal price, order status, and asset balance, while also keeping the official glitch statement, which will be key evidence for your compensation claim. After collecting this information, you can appeal through the platform's official channels; if the platform refuses to handle it, you can complain to the financial regulator in its place of registration, provided that you are using a compliant platform with a corresponding regulator.