On 8th January 2018 there had bean a panic sell of Bitcoin and alt coins like ethereum, ripple stellar etc. the social media went into panic and started tweeting and share the bad news but the fact about the sudden downfall in the market was due to some changes in the website of Coin Market Cap. They had actually excluded the Korean Crypto Exchange Websites in there price calculation . If you are not familiar with south Korean crypto exchanges, let me explain, The crypto coins like Bitcoin or Alt Coin are always traded at 30% premium in South Korea. This trend has been from the day one they started trading the rest of world who are closely keeping an eye on crypto market already know about this but the bitcoin buyers who are new bees have no idea about these technicalities and when coin market cap actually excluded the list south Korean crypto exchanges the price calculations in there graph turned red and should a downfall of close to 30% and hence all other new bitcoiners started panic selling. There was no any other specific reason for the downfall. Since the prices pf Bitcoin and all other crypto coins are red especially Stellar the bitcoiners strongly recommend buying.
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?
A Note: Happy Buying now don’t google for ” when will bitcoin crash again ” so that you take another opportunity to buy and keep your bitcoin stock for the next predicted bitcoin price of $50,000/-