A Post Explaining Today's Low Crypto Prices (Korean Exchange Down + Panic Selling By New Traders)
I just saw this on reddit, it makes a ton of sense. Seems like today is a good day to buy.
Here is the post:
Few hours ago Coin Market Cap removed Korean exchanges from their coin price calculations and being that all coins are about 30% pricier over there, it instantly tanked the price on CMC graphs. From what I see this is happening now :
CMC removed Korean exchanges
Prices/graphs instantly tanked (but in practice not relevant to people outside Korea who dont trade there anyhow)
Large number of people did not recognize what actually happened and that there were not moves/selling on their western exchanges
Those same people are now dumping large amount of coins trying to "cut loses" because of the false impression that coin is crashing.
Random stuff happening
My opinion is that this should have been handled much better by CMC. At least put a banner saying "WE HAVE EXCLUDED KOREAN EXCHANGES BECAUSE OF THIS OR THAT AND IT WILL HAVE SUCH INFLUENCE ON CALCULATIONS". I just hope they do not put back and remove those exchanges at random point in time. Any thoughts?"
Post can be found here:
It's funny, I think coinmarketcap saw my post because yesterday, I posted how to not mistaken what your XRP are worth due to Bithumb, lol.
Very informative thanks for sharing with us!
I understand your thinking! Nowadays a open conversation is what a coin market needs.
Great information
Thank you for the cryptocurrency sharing us. all the best
my opinion joins yours
Perhaps it was a premeditated move by CMC?
Well, any information is good to receive at the present moment.
NO notification would be inconvenient of it is a repetitive occurrence.