CoinMarketCap Causes Crypto Flash Crash With Just One Adjustment!
CoinMarketCap just proved that the cryptocurrency market is still a bit like the wild wild west!
The company decided they were no longer going to include three Korean Exchanges in their calculations any longer. Thus showing a large drop in the market cap of a few coins they list.
Most noticeably was Ripple (XRP) as a large portion of Ripple trades is done on Bithumb, one of the three exchanges they dropped from calculations.
The other two were: Coinone and Korbit.
Did a short video discussing the impact or lack thereof to the actual states of trading. It sure was a quick fun ride though. Certainly a blindside, wonder if any employees sold coin before the move...lol.
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Disclaimer: All content in this post is my opinion and for educational purposes
All still too shaky! We lost $100b in a day, it took nearly 8 years for the mkt to reach its 1st $B! now we lose and gain it in almost a day!
I was wondering why $100M in total marketcap seemed to disappear over night... usually I wake up to the highest prices ever.
Do you know why CoinMarketCap decided to exclude Bithumb?
All my trades are in Bittrex, so I was only looking at LiveCoinWatch for a bit, but then realised their data is horribly slow... so then I was using Trading View on my phone which is super hard... so now I just don't look at the prices anymore and I'm waaaaay happier.
That last sentence is classic and probably what we all should just do! :-)
So that's what happened.
It is sort of expected granted that the pricing disparity is so large between their market and the rest of the world. I'm glad that they made that correction which should reflect the true value of each coin.
Agreed, I'd just love to have been a fly on the wall when they decided to do it....lol
Too much risk for me!!!