On Monday, January 8, the popular analytical resource CoinMarketCap excludes from the calculations of average bitcoin rates and other cryptocurrency data of South Korean exchanges without any prior notification. This is reported by the media and users in social networks.
If you use https://t.co/rTG82QaJeq apparently they removed the Korean exchanges from the price index, so everything is more red and down percentage-wise than normal. Because Korea was priced so high. #Bitcoin #Ethereum #ripple #altcoins
— Richard Heart (@RichardHeartWin) 8 января 2018 г.
This situation led to the huge price drop of the majoity of cryptocurrencies.
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Coinmarketcap team reported about this issue only after all happened.
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 (@CoinMarketCap) 8 января 2018 г.
Nevertheless, if you look at other analytical resources, for example, Cryptocompare or Livecoinwatch, the average rate of bitcoin and many other cryptocurrencies is slightly lower than on CoinMarketCap.
Also, it should be noted that in the "Markets" section, the data of South Korean exchanges are still present.
As is known, on the South Korean platforms, crypto-currencies are traditionally traded at prices, often 10-15% higher than those at other global exchange sites. At the same time, arbitration when working with them is difficult due to the need to indicate when registering the telephone number of the South Korean telecom operator and other information that can be obtained only from South Korea.