Red is the colour of the cryptocurrency market at this moment. A leading global index of digital currency prices, CoinMarketCap adjusted its listed data by removing a group of Korean cryptocurrency exchanges from its price calculations. And just within 24 hours of it, the total market capitalization crashed by a lot more than 150 billion dollars. There has been a drop in all the top ten cryptocurrencies anywhere between 1.8% and 22%.
“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”, CoinMarketCap tweeted.
On January 7, the market stood at its peak of $835.5 billion and on January 11 it dropped to $677 billion. This means, in just four days, a total of $158 billion or almost one-fifth of the total valuation has been wiped off this market of cryptocurrency. Moreover, on Thursday, by 1000 hours, the loss was more than 200 billion dollars. In early trade before climbing, the total market cap dropped to $628 billion.
In South Korean exchanges such as Coinone, Korbit and Bithumb, the trading prices of almost all the virtual currencies are much higher – up to 30%, compared to other countries where the local demand is much less. This is the reason why the revised prices of CoinMarketCap showed a sudden, sharp drop.
This resulted in panic selling by investors who were not aware of the real reason behind the price decline of cryptocurrency that’s been displayed on the website. Most investors took it to be the long-predicted bubble burst and the cryptocurrency market was down 20% in one day.
Almost all the major cryptocurrencies such as Ripple, Ether, Bitcoin, Litecoin and Cardano are trading in red for the past couple of days. The only major currencies that are bullish are IOTA and Bitcoin Cash.
January 17 , 2018
This entry was posted in Economy
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