CoinMarketCap Cuts South Korean Exchanges Without Warning, Panic Selling Ensues

It can be challenging enough to keep up with the fast-paced world of cryptocurrencies and their price fluctuations. The challenges can be compounded when you cannot find a consistent source for these prices and the vital statistics used to make informed trading decisions.

Following a frenzy of activity over the weekend which pushed the total crypto market capacity over $800 billion and shut down several exchanges to new users, analytics website CoinMarketCap arbitrarily decided not to include data from South Korean exchanges.

Price Perplexity

Most media outlets and crypto traders have been getting their figures and charts from what has become the putative standard source – Coinmarketcap.com. The website offers live trading rates and a plethora of statistical information for each digital asset and crypto exchange. Since its decision to exclude trade volumes from the second largest exchange in the world, South Korean Bithumb, prices have plummeted across the board on the website causing a wave of panic selling. Other exchanges in the country were also omitted including Coinone and Korbit, both responsible for large trade volumes.

XRP seems to have suffered badly as it is traded heavily in South Korea, collapsing 16% in a matter of seconds when the switch was flipped. The fall has enabled Ethereum to retake second position on the market cap charts. Ripple chief cryptographer David Schwartz took to Twitter to clarify why the coin has dropped so sharply:

Coinmarketcap’s decision to exclude Korean prices from the displayed XRP price made the price appear to drop, likely triggering some panic selling. Look closely at the data and don’t be mislead.

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