What Caused All The Prices To Drop On CoinMarketCap
coinmarketcap.com is used by almost every Crypto Trader, it gives a quick view of the state of all coins, and tokens in the crypto world.
So what happened yesterday, when all the prices fell together, most people thought a crash was happening.
coinmarketcap decided to remove South Korean Exchanges from their stat calculations, the reason is that the prices in the crypto crazy country of South Korea do not actually relate to the rest of the world.
The exchanges removed are Korbit, Coinone and Bithumb.
They still appear on coimarketcap but their prices are not used to work out average prices.
It means that the prices now shown are truer to life, without using the crazy prices from South Korea, where the spread on Bitcoin can be $5,000 (difference between buy and sell price).
It seems a wise move to me, but would have preferred an announcement that it was about to happen, instead of just doing it.
thank you for your timely information
your welcome
I think CMC wasn't wrong to do what they did.
But the issue isn't there. Lots of organisations get shat on when doing the right thing. It's human nature.
I just think they should've put more effort into smoothing it up. They could've announced it beforehand, or even added a note at the top of the main page so you couldn't miss it when visiting the site.
The real issue here is how important those big organisations (exchange platforms and market info) in the course of cryptos. A small mistake from theirs can create a bullwhip effect, which is basically a small mistake turning into a bigger one down the line. So a little mistake like CMC's can turn into a massive sell-out.
I agree with you, it didn't affect things too bad though, but I think it was wrong.
Great Post!. Interesting Story. I want more of this. Keep it up
Thanks, it might be wise to change the wording, as you seem to post the same comment on all posts.
I think this is a great reminder of the ups and downs in crypto. Just have to keep thinking that the new lows are so much higher then the old ones. They are moving in the right direction long term for sure
Yes I think it's going to be a great year.
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