So, as you can already know, today CMC(coinmarketcap) decided to not include Korean exchanges in the prices of cryptocurrencies, like ethereum, bitcoin,ripple and others, without saying a single word and without making any announcements on their site or twitter.
Which made most of the coins look like this:
This of course caused tons of FUD(fear,uncertainty, doubt) a lot of people panicked and sold their coins, basically it caused a lot of chaos. A lot of coins dropped in price, because of this.
They basically did this that all of the Korean exchanges trade with a huge premium (up to 50% to others like binance and bitfinex etc.). Korean exchanges changes the price a lot even though they are extremely unrelated to most of the other exchanges, since it is hard to arbitrage them.
Well, this is the weird part. They definitely could have predicted the FUD that has ensued after almost every big coin on CMC dropped in price. A lot of people speculate that this was done to price fix the coins and play on people panic selling to buy the dips when they happened and sell after to make tons of profit for them. This all is extremely weird that they wouldn't announce such a large thing. I think that I will stop using CMC from now on, if they are so unreliable and I will be using https://www.livecoinwatch.com/ from now on, since it still has all of the Korean exchanges included and they haven't done anything of this sorts. All of this has made me extremely angry, especially since there still isn't an announcement on CMC's website.
I honestly think that right now https://www.livecoinwatch.com/ is a better alternative to coinmarketcap, especially after what happened today. I think that everyone should stick with that for a while, at least until everything calms down. It is also, currently, a better way to track the prices, since it still shows the prices with Korean exchanges included.
Anyways, I hope that no one panic sold all of their coins because of CMC's mistake and that you haven't lost too much money because of this. Take care everyone!
If there was no any announcement really then it is a foul move... I thought i just missed it...
Nope, nothing at all. And that is why I am not going to use CMC for a while. Made me so mad when I looked on their twitter and saw nothing!
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Really good to know. Thanks for the info
Great point. Thanks for sharing.
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