CoinMarketCap’s cryptocurrency tracking system has removed several South Korean stock exchanges from its bitcoin price accounts as the currency plunged below $ 58,000 again.
As of today, the Bitcoin (BTC) price tracker CoinMarketCap does not show data from major cryptocurrency exchanges in South Korea, including Upbit, Bithumb, Coinone and Korbit. The website uses data from several exchanges to estimate the average price of cryptocurrencies. At press time, Bitcoin is valued at $ 57,721 after falling more than 2% this morning.
In an interview with Cointelegraph, Molly Jane Zuckerman, content director at CoinMarketCap, said the removal was due to the premium seen on cryptocurrency exchanges in South Korea. The crypto-analysis provider estimates that the price of BTC is approximately 6% higher than the price of other exchanges.
“If the prices on the South Korean stock exchanges stabilize, we will add the data again,” Zuckerman said. “But it has not happened yet.”
The price tracking site last took a similar action in 2018, when CoinMarketCap announced that they had “excluded some South Korean stock exchanges from price calculations due to the dramatic price difference compared to the rest of the world and limited arbitrage opportunities.”
About the same period three years ago, the XRP price fell sharply after reaching a full-time high of $ 2.96 on January 2. On Tuesday, however, the token looks optimistic after crossing $ 1 for the first time since 2018. has grown by more than 20% in the last 24 hours. Since then, the price has dropped to $ 0.9694 at the time of publication.
CoinMarketCap said it only affected the Bitcoin price index on Tuesday given the large size of cryptocurrency assets on South Korean stock exchanges. Last month, South Korea’s transaction volume for cryptocurrencies, driven in part by the BTC price hitting a full-time high, short-lived the country’s average daily stock volume.