Cryptocurrency Market crashes after excluding South Korean Exchange Data

Bitcoin Seoul

While the community is divided over the issue of leaving Korean exchanges out of the market data, the majority criticized CMC's decision to make such a major change without prior notice. As of 4 Korea, Bitcoin was trading at 23.148 million won (US$21.692) at Bithumb, down 7.14 percent from a day earlier, which is still nearly 40 percent higher than the United States price. The main cryptocurrency traded on all three exchanges is Ripple/XRP.

The effect of the change in the prices of CoinMarketCap was reflected on other data website which showed a similar decline.

'By removing that, it looks like the market cap fell by 30 percent and so people rushed to sell because they're not sure what's happening'.

As of Tuesday, bitcoin prices were trading at $14,700 on Coinbase's GDAX exchange, while bitcoin was trading at $21,200 on bithumb. While this news isn't good for investors of virtual currencies, it also doesn't mean that a ban is a sure thing.

CoinMarketCap, a global source for cryptocurrency market data, caused cryptocurrencies to crash on Monday after it had tweeted out that it will exclude Korean exchanges prices due to the significant difference in prices compared to the rest of the world.

CoinMarketCap was not immediately available to comment on its move.

CoinMarketCap did not say the exclusion was permanent, but said that "it is working on better tools to provide users with averages that are most relevant to them".

There was a seismic reaction from the cryptocurrency market to news that the South Korean government is preparing a bill to ban local cryptocurrency exchanges sending major coins: Bitcoin, Ethereum, Ripple and Litecoin tumbling earlier on Thursday before paring those losses.

During the emergency briefing earlier today, Choi, who chairs the Financial Services Commission, said South Korea is seeking to collaborate with China and Japan by "setting up a detailed system of cooperation". In 2017, XRP soared 35,000 per cent, surpassing bitcoin's surge of around 1,500 per cent.

Ripple is a US -based provider of blockchain-based banking payments and it created XRP to facilitate cross-border payments and institutional settlement in seconds.



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