Coinmarketcap announced they will exclude some of the Korean exchanges

[aimedisglobal]

The official announcement was made earlier this week.
https://twitter.com/CoinMarketCap/status/950427463804481536

It's no news that since the South Korean market is controlled and foreign access is almost impossible without proper paperwork and proof, the exchange rates for many Altcoins are much higher in comparison to US and European exchange markets.

To give you an idea, whereas ETH was trading slightly over $1,000 on EU or US exchanges, the SK exchanges were trading it at 1ETH = 1,800USD.

With these differences in mind, it's hard to give a solid average rate of the market, which is why Coinmarketcap decided to remove the Korean ones, as they were not reflecting in any way the general situation.

Going forward, you won't be seeing such huge differences in trading quotes for Bitcoin and Altcoins.

~ Roxana

[blue_id69]

Just hope they announce it before take big action like that, it make some people freakout the price of XRp drop by 30% cause the number changed 

[bribed]

Well, I think that this is the right thing to do from coinmarketcap. I was annoyed too by the fact that the average price was altered by the higher pricing at korean exchanges. I dont think that they should ban them entirely though. Just excluding them while calculating average prices would be enough in my opinion. For me its sometimes also interesting to check out the pricing in korean exchanges.

[Marvell1]

The price of some coins/tokens could be evaluated very iacurate due to the large amount of exchanges with low daily value. So yes, I'm glad about that news.

[KingScorpio]

The official announcement was made earlier this week.
https://twitter.com/CoinMarketCap/status/950427463804481536

It's no news that since the South Korean market is controlled and foreign access is almost impossible without proper paperwork and proof, the exchange rates for many Altcoins are much higher in comparison to US and European exchange markets.

To give you an idea, whereas ETH was trading slightly over $1,000 on EU or US exchanges, the SK exchanges were trading it at 1ETH = 1,800USD.

With these differences in mind, it's hard to give a solid average rate of the market, which is why Coinmarketcap decided to remove the Korean ones, as they were not reflecting in any way the general situation.

Going forward, you won't be seeing such huge differences in trading quotes for Bitcoin and Altcoins.

~ Roxana

this is true i have researched, it, the koreans are trapped, with their exchanges, getting cryptocurrencies for communal currencies is extremly expensive in korea, but also a bit indonesia

[DroidR17A]

While it was a bit of a shock seeing all the prices drop 5 to 10%, it's a good idea in my mind, as the higher prices can be misleading. I tend to ignore the averages anyway, looking at the rates on my fav exchanges instead - seeming as those are the rates I can actually get.

[xindoa]

good call by cmc but some more news, on a bigger scale would have been nice because the market was in shock but that is another opportunity  to buy of course

[BTRIC]

The official announcement was made earlier this week.
https://twitter.com/CoinMarketCap/status/950427463804481536

It's no news that since the South Korean market is controlled and foreign access is almost impossible without proper paperwork and proof, the exchange rates for many Altcoins are much higher in comparison to US and European exchange markets.

To give you an idea, whereas ETH was trading slightly over $1,000 on EU or US exchanges, the SK exchanges were trading it at 1ETH = 1,800USD.

With these differences in mind, it's hard to give a solid average rate of the market, which is why Coinmarketcap decided to remove the Korean ones, as they were not reflecting in any way the general situation.

Going forward, you won't be seeing such huge differences in trading quotes for Bitcoin and Altcoins.

~ Roxana

Ohh they did announce, very good, I'll have follow.  Thank you very much!

[CryptoAlphaStar]

There are so many challenges for coinmarketcap to display the prices correctly. This exclusion makes sense. I am struggling for months to find a method to see the most correct prices. I usually switch between coinmarketcap and cryptocompare.

[jmalkovich]

Same here I have to switch from multiple websites to see correct prices. Coinmarketcap should solve this issue, they might be doing good by this exclusion.

[surfinonmyownwavebaby]

It makes sense often times I get confused at why the prices is what it is and I am sure I am not the only one at this. Besides I heard Korean exchanges use 0% fee on some of them which would make more sense as to why there is a discrepancy always.

[keyboard warrior]

While it was a bit of a shock seeing all the prices drop 5 to 10%, it's a good idea in my mind, as the higher prices can be misleading. I tend to ignore the averages anyway, looking at the rates on my fav exchanges instead - seeming as those are the rates I can actually get.

It's a good idea but they should have a big announcement of the new policy on the home page. The only indication I could find about it was a few asterisks next to exchange prices, and this text at the bottom of the markets page.

* Price Excluded

[ulhaq]

It's ridiculous and unfortunate that they excluded the South Korean markets just because the prices are higher there. If there were no exchange fees, then I understand not using it for volume and price, but there is a huge amount of trading in South Korea, a lot of retail use, and since they are holding crypto and willing to pay the prices they are paying, it's only natural to include them in global averages.

The reason prices are so much higher there (and is difficult to arbitrage) is because the won is insulated from global markets and there are capital controls for South Koreans. This makes it MORE valuable for South Koreans to hold crypto, which is supposed to drive up the price.