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The Crypto news keeps flowing this morning as South Korea get's added back into the CoinMarketCap price calculations! This happened just as quietly as CMC removing the country from price derivations earlier this month. Unlike when the removal happened, it seems the market's price action doesn't care as things continue to slowly drop still today.
MAKE YOUR MIND UP
It is strange to see such a widely used pricing site appear to remove and re-add South Korean exchange pricing into the register to silently. Bitcoin has seemed to stabilize for the moment, however Korean pricing is generally quite a bit higher than others, and can fluctuate the average price quite some bit. For instance, just a few days ago Bitcoin was trading above 14k in South Korea, while over in the States BTC is trading around 11.5k. This significant difference could change price so much, that many are speculating over CMC's decision, and seeing them as manipulating the price. I can see where these speculations come from as after removal, the markets tank quite significantly. What's a bit strange, is the re-addition seems to have not phased markets this time. Only time will tell, as this news is only about 3-4hrs old at time of writing. Another metric of notice is the crypto market cap went up a whopping $50bil after including South Korean pricing again. That's nothin' to sneeze to at!
Hopefully we can get some words from CMC to see what is going on with their decision making, and we can all have a better understanding of where they're coming from. Until then, we'll have to keep an eye on CoinMarketCap, and be careful in this wild west of a Cryptocurrency world we are living through!
From the Cracking Crypto Team