Crypto Price Trackin website CoinMarketCap has removed many South Korean exchanges from their calculations for the price of Bitcoin as the coin fell below $ 58,000 again.
To date, CoinMarketCap’s Bitcoin price tracker does not display data from major South Korean crypto exchanges, including Upbit, Bithumb, Coinone and Korbit. The website uses data from many exchanges to estimate the average price for cryptocurrencies. At the time of writing, Bitcoin (BTC) is trading at $ 57,721 after falling more than 2% this morning.
CoinMarketCap’s content manager Molly Jane Zuckerman told Cointelegraph that the removal was due to the premium seen on crypto exchanges in South Korea. The Crypto Analytics provider estimates the BTC price to be around 6% higher than on other exchanges.
“If prices on the South Korean stock exchanges stabilize, we will add the data again, but that has not happened yet,” said Zuckerman.
The last time the price tracking website took similar action was in 2018 when CoinMarketCap announced that it had “excluded some South Korean exchanges from price calculations due to the extreme price differences from the rest of the world and limited arbitrage opportunities”.
During roughly the same time three years ago, the price of XRP fell significantly after hitting an all-time high of $ 2.96 on Jan. 2. However, the token looks bullish today after briefly exceeding USD 1.00 for the first time since 2018 – it has risen by more than 20% in the past 24 hours. The price has dropped to $ 0.9694 at the time of publication.
CoinMarketCap said that only the Bitcoin price index is affected today as the crypto asset is very large on South Korean exchanges. Last month, the volume of transactions in the South Korean digital currency market – driven in part by the BTC price, which hit an all-time high – briefly exceeded the daily average transaction amount in the country’s stock market.