CMC just tumbled the whole market with one move by excluding Korean exchanges from price calculations
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 :
1: CMC removed Korean exchanges
2: Prices/graphs instantly tanked (but in practice not relevant to people outside Korea who dont trade there anyhow)
3: Large number of people did not recognize what actually happened and that there were not moves/selling on their western exchanges
4: Those same people are now dumping large amount of coins trying to "cut loses" because of the false impression that coin is crashing.
5: 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.
Hello and welcome to the community. I followed you and would appreciate a follow back. I'm looking forward to see more posts! Have a great day and have fun. Welcome!
Please upvote, comment, resteem and follow @niteshbaniya