CoinMarketCap triggered a panic sell in the market …
CoinMarketCap triggers a panic sell in the Ripple market by excluding data from exchanges in South Korea
According to the CoinMarketCap website, which displays the average market values of cryptocurrency rates, the price of Ripple has decreased by more than 30% over the past 24 hours. In fact, it fell by only 10%, and, apparently, not without the help of this portal.
Without any prior notice, CoinMarketCap stopped taking into account the data of the South Korean exchanges when calculating the average value of the cryptocurrency rate. In an instant, the capitalization of Ripple, according to the information of the same portal, fell by $ 20 billion.
This decision can be called at least controversial, as the South Korean market, which is known to be well regulated, has accounted for more than 50% of Ripple’s trading volume in the past few weeks. Bithumb, the second largest exchange in the world after Binance, with a turnover of $ 2.6 billion, has processed more than $ 800 million in transactions with Ripple in the last 24 hours.
Moreover, the indicators of the South Korean exchanges were also excluded from the markets of other cryptocurrencies, however, this affected their rates less, since the exchanges of this country have less influence on them..
Amateurs and beginners alike took such a sharp change in the course as the beginning of a major correction, which in turn caused a panic-sell.
Ripple Chief Cryptographer David Schwartz wrote: “Due to CoinMarketCap’s decision to exclude the price of the Korean exchanges when calculating the XRP price, it seemed that the rate was falling, which probably caused a panic sell. Watch the data carefully and do not be misled. “.
Schwartz acknowledged that the new price for Ripple, which does not use data from the South Korean exchanges, where cryptocurrencies tend to be more expensive, is more adequate..
Experts are divided on this issue. Some, such as Schwartz, believe that without the South Korean stock exchanges, the price listed on CoinMarketCap would be more relevant to most investors. Others point out that a significant part of trade takes place in the market of this particular country, access to the exchanges of which is, however, closed to foreigners, and argue that it is wrong to exclude some exchanges..
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