CoinMarketCap triggers a surge in Ripple sales by pulling South Korean exchanges out of median valuation
CoinMarketCap has removed South Korean exchange houses from the average price of cryptocurrencies, which has had a strong impact on Ripple, but affects all cryptocurrencies used in South Korean exchanges.
Surely some have entered CoinMarketCap and practically panicked to see that Ripple has fallen over 30% without warning, but the reason is not that large packages are being sold, but that without any explanation or warning, CoinMarketCap has removed from the market average of cryptocurrencies that South Korean exchanges do, which has caused a sharp drop in the value of this currency. A fact that is giving much to talk about.
The suppression of South Korean securities has been controversial to say the least, as the South Korean market is largely responsible for 50% of Ripple's global operations in recent weeks. Bithumb, the second largest exchange in the world, registers a daily volume in terms of trades of 2.600 billion dollars in general and of that about 750 million are only in XRP operations. Not only have they withdrawn XRP, but they have also removed all exchange houses from the average calculation of the value of cryptocurrencies, which has caused a fall in the value of Bitcoin, Ethereum, Bitcoin Cash and practically all cryptocurrencies on the market.
Those with limited knowledge of the market, seeing the value of the median price of XRP drop when taking out South Korean exchanges, has sparked a wave of panic. Ripple CEO David Schwartz has said: 'CoinMarketCap's decision to exclude Korean prices from the displayed XRP price caused the price to appear to decline, which likely triggered some panic selling. Look closely at the data and don't be fooled '
Schwartz has highlighted that the price of XRP, without the high premium rate offered by the South Korean market, is more significant. This has led to an hour of sales from retail users, as they do not have such advanced knowledge of the market and value operations only in the short term. CoinMarketCap's decision to withdraw South Korean exchanges, including by Schwartz, is seen in a positive light, as users using South Korean exchanges globally are lower than those in other markets and alters the value, raising it greatly .
Trading cryptocurrencies in the South Korean market is difficult for the average user and a challenge for investors, who want to take advantage of the premiums. The prices of South Korean cryptocurrencies are exclusive for operators and investors in the country. What would have been good, was a report in conditions or an explanatory note, to avoid panic in the market.
In complete agreement with the news, I have interpreted it as such. They should have reported these from coinmarketcap.com
Between this news and the Chinese putting obstacles in the way of the miners, the perfect cocktail has formed, but we already know how this goes, be patient, everything will return to normal.
calm calm, do not panic ... I hope ...
I'm in panic mode, but I still haven't sold
A decision that is something to talk about and will last for a long time. Undoubtedly, his action has affected many people. They have played with the money of thousands of people. Interestingly, this has favored Ethereum, which was powerless to be overtaken by XRP in just two weeks. Here is cat locked up safe. Especially when they wait 15 hours to give an official explanation on their social networks (there you can see the feather duster) It is what an unregulated market has, that they can do whatever they want for their own benefit, without warning and letting the panic. In my understanding, they have been referees. If the Korean market represents 50% in crypto and the rest of the world the other 50%, who are they to decide that one half is not worth and the other is worth. They have looked great