Bitcoin, ethereum and other currencies have just plummeted in value after the leading coin market site named CoinMarketCap has removed the prices from the South Korean exchanges without warning.
This led to a $200 billion decrease in the total market cap – and is mostly due to the prices on South Korean exchanges which are typically up to 30% higher than other countries. The results came shortly after that and the total market cap sinked.
For a lot of people, this caused great confusion and even led many investors to pull their money away from the crypto holdings. The major sell-off was also fueled by news that South Korean and Chinese regulators were planning to increase the oversight on crypto trading and mining.
As Coinmarketcap wrote on Twitter, “This morning we excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity. We are working on better tools to provide users with the averages that are most relevant to them.”
At this point, the total market cap went back to $830 billion after the drop that caused it to sink by 20% and sit at around $742 billion. Among the hardest losses were Ripple, Bitcoin and Bitcoin Cash – all currencies which were down 25% at the time.