These have been crazy days in the financial markets. With daily collapses in the main world stock exchanges and falls in the value of reserve value assets such as Bitcoin and gold. And now, it seems that the madness has also reached Blockchain.com, as an error in the platform caused confusion about the size of the BTC mempool.
Days of madness
Everything is possible in this life, or at least that is what seems to indicate the development of the last days. Well, the regrettable advance of the Coronavirus around the world has begun to wreak havoc on world markets. Leading to a full-blown collapse of the world’s major stock exchanges and assets like oil and gold.
Bitcoin, meanwhile, has also suffered due to this setback. Just yesterday, the cryptocurrency suffered a drop of around 50% of its value. Which brought the price of BTC from $ 7,547 per BTC to $ 3,950. Managing to recover later, until currently trading on $ 5,483.
All this has been combined with the panic generated by the global health crisis and the collapse in the price of oil, to conclude an unpredictable week. To which is now added the error of Blockchain.com when giving the Bitcoin mempool figures. Showing a collapse in a moment of total normality in it.
The mempool according to Blockchain.com
Thus, and due to a failure in the measurement system of Blockchain.com, the page would have indicated at a certain point in the day that Bitcoin’s mempool fell to 0 MB.
An even stranger drop because, just before indicating that it had reached 0, Blockchain.com itself had shown that the mempool was at 32 MB. Increasing again to 30 MB shortly thereafter.
Let’s remember that the mempool, or the memory pool of Bitcoin, would be an indicator of the number of transactions that are repressed in the Blockchain of the cryptocurrency. It is a sample of the number of operations without executing that have been carried out with BTC and, therefore, of the speed in the execution of the operations in the network.
This error was easily recognizable thanks to the existence of other data pages on the Bitcoin Blockchain. Which, when Blockchain.com indicated a drop to zero in the mempool, showed that it was actually still around 35 MB. Among these pages is Satoshi.info.
On the other hand, a mempool with such a large size is an indicator of the increase in operations on the Bitcoin Blockchain during the last hours.
This was thanks to the desperate sale of BTC by many holders during the so-called “Black Thursday”. Those who lost confidence in a Bitcoin recovery and thus cluttered the cryptocurrency chain with their outbound trades.