CoinMarketCap Removes South Korean Crypto Exchanges From Bitcoin Price Tracking

CoinMarketCap Removes South Korean Crypto Exchanges From Bitcoin Price Tracking

 



A CoinMarketCap spokesman said: "if prices on South Korean exchanges are fixed, we will add the data again. But that hasn't happened yet,” he says.


Crypto price tracking website CoinMarketCap pulled out many South Korean exchanges from its calculations for the price of Bitcoin, as the cryptocurrency again fell below $ 58,000.


Reason For Removal


As of today, CoinMarketCap's Bitcoin price tracker shows no data from major South Korean crypto exchanges, including Upbit, Bithumb, Coinone and Korbit. The website uses data from many exchanges to estimate the average price of cryptocurrencies. At the time of its release, the price of bitcoin (BTC) fell by more than 2% this morning.


Coinmarketcap Content Manager Molly Jane Zuckerman said the removal was due to the price difference observed on South Korea-based crypto exchanges. The crypto analytics provider estimates that the BTC price is about 6% higher than on other exchanges.


“If prices on the South Korean exchanges are fixed, we will add the data again, but that hasn't happened yet,” Zuckerman said.


CoinMarketCap said only the Bitcoin Price Index was affected today, given the large volume of crypto presence on South Korean exchanges. Last month, trading volume on the South Korean digital currency market – partly because the price of BTC has reached all times – briefly exceeded the average daily trading amount of the country's stock market.

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