Coinmarketcap Excluded Not Only South Korean Exchanges, But Also Japanese Ones - How Accurate Is The Price Now?
A few days ago, Coinmarketcap made a strange move and excluded the most prominent South Korean exchanges from their price calculation algorithm. It is well known for a while that in South Korea the price of crypto currencies is significantly higher than in other areas, sometimes up with 50%.
This move had two consequences:
- first, tokens which happened to be traded in South Korea too appeared to be diving, because the higher prices were excluded from the calculations
- second, a short wave of panic sell ensued, as a result of this perceived dip
But, as I looked at the prices of Bitcoin this evening, I realized that not only South Korean exchanges were excluded, but also some prominent Japanese exchanges, some of them with significant volume (more than $400 million). All this while other "bombs", like Poloniex Siacoin/BTC pair, with a $20k price for Bitcoin on a meager $13 million volume, were included.
According to the notes on Coinmarketcap, the Japanese exchanges were excluded because they have no trading fees (as you can see, two Japanese exchanges, in which apparently there are trading fees, are included).
While it's true that in exchanges with no trading fees, wash trades (trades in which a buyer sells to and buys from himself) are more common, I don't think this is a reason to exclude them from the price calculations.
Maybe somebody should tell to the guys at CMC that there are entire token ecosystems where there are no transaction fees at all. Like, for instance, STEEM.
Are those entire markets manipulated?
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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Holy shit! but anyone understand WTF is happening with them?
This is really promoting lower lows!!!
DigiByte 24 hour change.
-5.36% CoinMarketCap
+3.52 % WorldCoinIndex
-4.40% LiveCoinWatch
No problems at all
butofcors
Market Cap:
It's all good. What's a few billion difference gonna do?
@dragosroua Bitcoin era has ended , new coins are waving now dogecoin, deeponion , verge...
This is really bad... why can't they just take the average of volume traded over all exchanges.
So you might exclude the volume counts from those exchanges, but the value is still relevant.
This smacks of more market manipulation - the sort that banks and traders do in the stock market and other currency markets, to me.
While the crypto nuts tout crypto as being free from the 'establishment' the establishment has moved in and taken over. This is just another market for them to control, and they have a long history of doing it.
So now we are in the same boat as a small investor trying to play the stock market.
That may seem a pessimistic view, but i think it is a helpful view. At least you know who is in the game and how they are playing / controlling the game. That knowledge can help you understand why things are happening and let you buy and sell smartly.
At least that's what I think ;-)
very good appreciation @dragosroua
Are those entire markets manipulated?
which market is not manipulated? xD
well who is/are coinmarketcap i see no legal info in their site, said that they can publish whateva if we just eat it..
follow the money.
who profited from that little editorial event?
Yeah steem transfer is completely free but we can't say that there is some thing fishy going on in steemit ecosytem. Can we????
Agree. For me as a trader fees and commissions has nothing with coin's market price.
This is becoming more Petty and serious
huge volume gone from the market ..i had no ideas about this thanks for sharing this