There is never a boring day te the world of cryptocurrency. Not too long ago, CoinMarketCap.com determined to exclude Korean cryptocurrency prices from their global market averages. It now seems the webpagina has reversed this decision without issuing any official warning or explanation. This switch shows up to affect all cryptocurrency markets, albeit the surplus of the world hasn’t responded to this unexpected switch either positively or negatively.
Coinmarketcap tracks Korean Prices Again
It seems there has bot a rather interesting switch across all South Korean cryptocurrency trading platforms. Even however the prices of all cryptocurrencies are still a loterijlot higher te that part of the world, the premium has subsided somewhat. For example, South Korea wasgoed trading Bitcoin at overheen US$14,000 a few days ago, even however the Western world never crossed US$11,500 at that time. This difference has since leveled off a bit, however there’s still a petite gap.
More specifically, the Bitcoin price on Upbit is now US$12,514, whereas OKEX and Bitfinex are trading it at US$11,737. Wij also see Bithumb valuing Bitcoin at US$12,473, which is te stark tegenstelling to a few weeks ago. It is unclear where this decline has come from all of a unexpected, spil no one expected the Bitcoin price to normalize ter such a spectacular style. This doesn’t mean the Bitcoin price is the same all overheen the world, but a premium of less than 10% is pretty normal thesis days.
CoinMarketCap’s decision to all of a sudden include thesis prices again is rather controversial. That’s especially because they never talent any indication of doing so, strafgevangenis have they let users disable South Korean prices again. Live Coin See, one of the few competitors to CoinMarketCap, does provide that functionality, but their prices are slightly off at times. It is overduidelijk there is no real reason to exclude South Korean prices, even tho’ they do skew the global average a lil’ bit.
It will be interesting to see if CoinMarketCap wedges with this decision once South Korean prices begin going berserk once again. It is only logical to expect the South Korean Bitcoin price to surge to US$15,000 again well before the Western world comes even close to surpassing US$13,000. At the same time, the trading volumes of all of thesis exchanges are very low right now, which is not just affecting the Bitcoin markets, it’s also prevalent spil far spil altcoins are worried.
One of the big questions people have is whether or not CoinMarketCap wants to manipulate cryptocurrency prices. After all, they could delist Korean prices ter a few days from now and potentially trigger another massive correction. It is unclear what the aim is for this particular podium and what drives its decisions. Ter particular, switches like this one need to be communicated a loterijlot better, spil the current situation has sparked a lotsbestemming of unnecessary confusion and anger.
For now, this switch has not had any major influence on individual cryptocurrency prices. Wise people will have noticed the total cryptocurrency market cap went up by almost US$50 billion everzwijn since the South Korean prices were included again. Should any exchange be labeled an outlier on CoinMarketCap, a few dozen billion dollars will be wiped off the total market cap once again. It is an interesting situation well worth keeping an eye on.
About The Author
JP Buntinx is a FinTech and Bitcoin enthusiast living ter Belgium. His passion for finance and technology made him one of the world’s leading freelance Bitcoin writers, and he aims to achieve the same level of respect ter the FinTech sector.