Bitcoin price drops because Korean exchange removed by CMC

[DustyRah]

https://www.reuters.com/article/us-global-bitcoin/bitcoin-slides-as-website-drops-south-korea-prices-from-virtual-currency-rates-idUSKBN1EX1CC

Bitcoin sank on Monday after website CoinMarketCap removed prices from South Korean exchanges from its calculations of digital currency rates without any warning, resulting in a steep drop in all virtual coins they track.

If you are concerned about the whole list of red on CMC, this could be the reason.

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[Hazir]

I am afraid that this is not the first and certainly not the last time when South Korea will give bitcoin enthusiasts and holders a headache.
Their plains to deanonymize bitcoin and every other cryptocurrency are kinda putting off potential investors.
When will people understand that action of one country is not enough to stop cryptocurrency? It is a worldwide phenomenon.

[davis196]

https://www.reuters.com/article/us-global-bitcoin/bitcoin-slides-as-website-drops-south-korea-prices-from-virtual-currency-rates-idUSKBN1EX1CC

Bitcoin sank on Monday after website CoinMarketCap removed prices from South Korean exchanges from its calculations of digital currency rates without any warning, resulting in a steep drop in all virtual coins they track.

If you are concerned about the whole list of red on CMC, this could be the reason.

I was wondering why the bitcoin price was going up and down from 16500 to 14500 USD for the last few days.I thought it`s because of the high transaction fees and the blockchain being stuck again.
Perhaps South Korea is another big reason behind this volatility.Another reason is that some cryptocurrencies are overpriced in South Korea, and that`s why Coinmarketcap had removed them.

[8270thNinja]

This article suprised me. I never thought that removing an exchange will take effect on the price of Bitcoin as whole, I mean Bitcoin as the price was changed generally is the effect of CMC. We can assume that after the price changed on CMC people got panicked again and started to sell out their Bitcoin which resulted to price drop of Bitcoin as a whole. I will speculate that Bitcoin will recover within this week, people should know the article specially the weak hodlers.

[Herbert2020]

in my opinion coinmarketcap.com is not that popular a site that can have such effects, believe it or not. specially not popular enough for you to use it as a short form and call it "CMC"... i bet 90% of the readers here if they saw this out of context of this known news wouldn't have recognized it either.

in any case i don't see any relationship between the two. they have removed big volumes from their calculations in the past multiple times. last biggest one was during the Chinese fake volume season before PBoC came down upon their heads. and nothing was affected by it.

[Lampaster]

The reason for the removal of these exchanges is very suspicious. That means the price of these markets are higher than others? Cryptocurrencies have high volatility. Why speculators can manipulate prices and the exchange can not? I think that the reason for the removal of these exchanges competition. It's a dirty game for which we pay. The depreciation has affected us all.

[terrific]

I'm not surprised before that the whole market is on red alert and I only thought that the reason behind it. But with that single moved it made majority of the alt coins into tragedy and I thought that the logic when bitcoin is moving down, others will move oppositely but what happened was totally different and that's something new.

[btc_angela]

https://www.reuters.com/article/us-global-bitcoin/bitcoin-slides-as-website-drops-south-korea-prices-from-virtual-currency-rates-idUSKBN1EX1CC

Bitcoin sank on Monday after website CoinMarketCap removed prices from South Korean exchanges from its calculations of digital currency rates without any warning, resulting in a steep drop in all virtual coins they track.

If you are concerned about the whole list of red on CMC, this could be the reason.

I think they have just dropped Ripple if I'm not mistaken. That's why Ripple suddenly drops to third place once more. Perhaps the reason is that South Korean exchange price at a premium pushing the price of most coins in the coinmarketcap overvalued and ballooned. But then again, it causes some effect on the market, maybe investors suddenly dump their coins causing the price to slumped a little.

[tertius993]

https://www.reuters.com/article/us-global-bitcoin/bitcoin-slides-as-website-drops-south-korea-prices-from-virtual-currency-rates-idUSKBN1EX1CC

Bitcoin sank on Monday after website CoinMarketCap removed prices from South Korean exchanges from its calculations of digital currency rates without any warning, resulting in a steep drop in all virtual coins they track.

If you are concerned about the whole list of red on CMC, this could be the reason.

I think they have just dropped Ripple if I'm not mistaken. That's why Ripple suddenly drops to third place once more. Perhaps the reason is that South Korean exchange price at a premium pushing the price of most coins in the coinmarketcap overvalued and ballooned. But then again, it causes some effect on the market, maybe investors suddenly dump their coins causing the price to slumped a little.

No, it is all coins.  Click through to the markets tab for any major coin and you will see that the KRW markets are all marked with an asterisk (* Price excluded)

[ha_ham_bk]

https://www.reuters.com/article/us-global-bitcoin/bitcoin-slides-as-website-drops-south-korea-prices-from-virtual-currency-rates-idUSKBN1EX1CC

Bitcoin sank on Monday after website CoinMarketCap removed prices from South Korean exchanges from its calculations of digital currency rates without any warning, resulting in a steep drop in all virtual coins they track.

If you are concerned about the whole list of red on CMC, this could be the reason.

I think bitcoin drop because some country disable bitcoin in this time. If bitcoin have been accept in more country I think bitcoin will increase

[malikusama]

in my opinion coinmarketcap.com is not that popular a site that can have such effects, believe it or not. specially not popular enough for you to use it as a short form and call it "CMC"... i bet 90% of the readers here if they saw this out of context of this known news wouldn't have recognized it either.

in any case i don't see any relationship between the two. they have removed big volumes from their calculations in the past multiple times. last biggest one was during the Chinese fake volume season before PBoC came down upon their heads. and nothing was affected by it.

Exactly, XRP price has been dropped and i have seen many people stating the same reason but the reality is much different as XRP is backed by a centralized community and banks so this could be their move.  
Well I am not completely opposing the OP but what he has stated is not justifying this much price drop in the market, coinmarketcap may have a price effect over the market but not that much.

[InvoKing]

in my opinion coinmarketcap.com is not that popular a site that can have such effects, believe it or not. specially not popular enough for you to use it as a short form and call it "CMC"... i bet 90% of the readers here if they saw this out of context of this known news wouldn't have recognized it either.

in any case i don't see any relationship between the two. they have removed big volumes from their calculations in the past multiple times. last biggest one was during the Chinese fake volume season before PBoC came down upon their heads. and nothing was affected by it.

I doubt also about this whole story. For the moment, I see many green colours in coinmarketcap and Bitcoin price doesn't rely on Korean exchanges that much.

[minersday]

I am afraid that this is not the first and certainly not the last time when South Korea will give bitcoin enthusiasts and holders a headache.

The real problem is that we are never going to know why the Korean government want to rip-off bitcoin. We dont know why the fuck they have a huge war against it.

First, they tried to ban it, then they tried to make bitcoin an ilegal thing. Then they prohibited all their people to invest on ICOs.

And now they are doing this? What the fuck.

And a lot of people sold their bitcoins because the price dropped a lot (acording to cmc)

[gentlemand]

It shouldn't have been included in the first place. If a market lives in its own little world immune from outside influence then it's irrelevant. They can create CoinmarketcapKorea and be done with it.

It also demonstrates how much power certain websites have that don't really deserve it.

[Samarkand]

...
First, they tried to ban it, then they tried to make bitcoin an ilegal thing. Then they prohibited all their people to invest on ICOs.

...

They never tried to outlaw Bitcoin. They are just concerned about the
volatility of the whole asset class of cryptocurrencies and the incredible
interest that their population has shown in the trading of cryptocurrencies.

There were even reports that the trading volume at the Korean stock exchanges
has suffered, because many traders shifted their efforts towards cryptotrading.

[TERA2]

A website affecting bitcoin prices? Sure, anything but bitcoin being overbought.

[vintages]

Well, I think we all know now the important country that are the back bone of bitcoin; the Asia countries can quite indeed be surprising at times. I just hope coinmarketcap can resolve whatever issue they have with them. But on a serious note, South Korea should take a chill and make a stand, they shouldn't be banning ICOs and at the same time influencing digital coins. They should learn from the Japanese.

[1Referee]

A website affecting bitcoin prices? Sure, anything but bitcoin being overbought.

It's a poor market reaction if such a shitty noob site has so much impact, but the market in its entirity is overbought. Just look at Ethereum for example, a coin with nearly 100 million in total supply, it's worth nearly $1300, which shows the insanity of the market. It is just over a year ago that Bitcoin itself was still a sub $1000 coin. Either way, the drop was nothing more than peanuts looking back at how this market has gone up, so a lot of drama on social media and on crypto news sites for nothing - they have to attract people to click on their rubbish articles.

[gentlemand]

It's a poor market reaction if such a shitty noob site has so much impact,

The market is stuffed to the gills with shitty noobs. That's why it had such an effect. The biggest was on XRP. I presume some bots are linked to CMC somehow and it triggered a sell but they must be silly bots operated by silly people.

[Bloomie]

First they invite NK to the Olympics, and now they do this? SK, get your sh*t together!