Bitcoin, Ripple, Ethereum Slump As CoinMarketCap Kicks Off Korean Exchanges

Bitcoin, Ripple, Ethereum Slump As CoinMarketCap Kicks Off Korean Exchanges

Troy Powers
January 11, 2018

Bitcoin, the world's most popular cryptocurrency, fell 6.76 percent at one point.

The roller coaster that is the cryptocurrency market is alive and well.

"It highlights the undeveloped nature of trading in Bitcoin, reporting in Bitcoin, market data sources for people to utilise when they're wanting to track performance or monitor trends in that space". Until January 8, the price stayed near $3 but fell in the closing hours when Coinmarket cap removed some South Korean exchanges for "extreme price divergences".

While the execution left something to be wanted, the exclusion of South Korean markets seemed logically sound to some cryptocurrency watchers, including Ripple Chief Cryptographer David Schwartz. More traders see bitcoin's price headed higher rather than lower, with 49 percent expecting bitcoin to finish 2018 at a price of at least $20,000.

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Cryptocurrencies have been known to trade at significant premiums in South Korea, often times many magnitudes higher than on other exchanges, due to localized demand and strict national controls on capital movement. As news about the real reason for the price correction spread, the cryptocurrency market started to slowly recover lost ground and the crypto market cap presently stands at $760 billion.

Last month, the South Korean government said it would increase its oversight of the cryptocurrency market, including banning anonymous crypto accounts and taking measures to shut down exchanges if needed. "Look closely at the data and don't be mislead".

Bitcoin was one of the currencies to sink when CoinMarketCap, one of the industry's most prominent global indexes, carried out the move without any warning, resulting in a steep drop in all virtual coins they track. This makes it impossible to value using conventional metrics and therefore could be worthless, or may rise to $5 per Ripple coin in the future. In 2017, XRP soared 35,000 per cent, surpassing bitcoin's surge of around 1,500 per cent.

Volatility is certainly significantly greater than the more traditional asset classes and with it, the bad news swings continue to be more significant.