Crypto price tracking website CoinMarketCap has removed many South Korean exchanges from its Bitcoin price calculations, with the coin once again falling below $ 58,000.
To date, CoinMarketCap’s Bitcoin (BTC) price tracker shows no 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 of cryptocurrencies. At the time of publication, the price of Bitcoin is $ 57,721, after falling more than 2% this morning.
Speaking to TBEN, Molly Jane Zuckerman, content manager at CoinMarketCap, said the removal was due to the premium seen on South Korea-based crypto exchanges. The crypto analysis provider estimates that the price of BTC is around 6% higher than that of other exchanges.
“If the prices on the South Korean stock exchanges stabilize, we’ll add the data again, but that hasn’t happened yet,” Zuckerman said.
The last time the price tracking website took similar action was in 2018, when CoinMarketCap announced that it had “excluded certain South Korean exchanges from the price calculations due to the extreme divergence. prices compared to the rest of the world and limited arbitrage possibilities ”.
Around the same time three years ago, the price of XRP fell significantly after hitting an all-time high of $ 2.96 on January 2. However, the token appears bullish on Tuesday, after briefly breaking above $ 1.00 for the first time since 2018, after rising more than 20% in the past 24 hours. The price has since fallen to $ 0.9694 at the time of publication.
CoinMarketCap said only its Bitcoin price index was affected on Tuesday, given the large volume of the crypto asset on South Korean exchanges. Last month, the volume of transactions in the South Korean digital currency market – in part thanks to the price of BTC reaching an all-time high – briefly exceeded the average daily amount of transactions in the country’s stock market.