Did coin market cap just crash the crypto markets? Did we lose 100 Billion dollars worth of market cap or is it just a change in the formula.
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Note: Coinmarketcap removed Korean prices leading to a perceived drop in value.
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If this was done without being announced for days ahead of time, then it's at best criminally negligent. This makes Coinmarketcap the new Global central bank that can fix rates at will. It makes sense that insiders would have shorted before doing this, while the rest of the crypto-world suffered. How many more "algo changes" would there be going forwards? How many micro changes, we won't even suspect?
Single crypto example: XRP did not drop $20-25 Billion ....because it was never really there. The most important price is the one you can actually trade. Coin market cap was absolutely correct to do this.
They should've at least post an announcement prior to the whole debacle (and explain, in details, what the repercussions might be in the coming days once this is implemented). Like at least post it on the top of the main page, in huge visible display, that they were going to exclude South Korean prices and market caps from the country's exchanges. Do that a week or 2 weeks in advance, at least. This is extremely reckless on coinmarketcap.com's part
NEBULAS really is the "Google of Crypto". It searches all smart contracts, on any platform (NEO, Ethereum, Stellar...) And, it's not yet been listed on a major exchange or been placed correctly on Coin Market Cap (should be top 80). Moooooooooooooon.... of Saturn!!!
No. They didn't change anything. This is an automatic script. GDAX has been excluded on the BTC price several times in the past. The problem is that most CMC users have never been to that Markets screen. Those asterisks have been there since forever and the automated script routinely excludes outliers.
of course coinmarketcap triggered a tsunami with a butterfly ; the % change is now barely 1% 24 hours+ later. BUT you DONT want a "mature market" to factor in things so far ahead that it essentially becomes the NASDAQ or god forbid the S&P500. The returns now come with risk, but also $crypto's short history tells you to do 2 things: BTFD, and HODL. This IS the VERY early majority phase- we all are in for a $FUN ride (lol, pun intended)
if the coins are being traded on those sites relative to the volume of trading the price should ve been averaged in. there is nothing to stop me from selling my coins on those exchanges. this is buy low sell high. . If the volume is low on those sites then factor less. but to exclude all together means a deeper reason is involved. This type of market manipulation will bring regulations that severely cut profits
Can someone explain me please, why the crypto prices in korea are so high? Why don´t the koreans buy cryptos on foreign exchanges? Why don´t foreigners sell cryptos on korean exchanges? Should I learn some korean and export cryptos?
I welcome the move, I don't use the Korean markets and so have no access to those high prices, but coinmarketcap should have given some warning. I did nearly make a decision on buying more XRP at an apparently low price, glad I didn't. I was wondering why the huge down move had such little volume. Now it all makes sense.
should have placed a banner on every page letting us know about the change or reset the counters maybe, and let us know at the top of the page.
a better system would use a mean/average formula to exclude extreme prices on one exchange rather than dictating which exchanges count
Nebulas (NAS) - brutal team, CEO is the founder of NEO (Hitters Xu), enormous use case (like Google for all blockchains combined), low market cap, low circulating supply (35 million) - this thing is ready to skyrocket. It's under the radar cause the market cap is not shown correctly on CMC, this thing is so damn undervalued. LOOK IT UP!!
still not implemented properly eg walton is also listed against KRW on few exchanges and selling on very high price in comparison to rest of world but not excluded https://coinmarketcap.com/currencies/walton/#markets
That was a good opportunity for the insiders to do some insider trading and short the market before changing their calculation. You're right this market is immature. We've got to expect this sort of thing. In the conventional market only the "representatives" in congress can legally engage in insider trading. In crypto land anyone can do it.
There's definitely a misunderstanding out there on what market cap means and why prices are different on each exchange. Many new users are not experiencing real trading because the volumes are so high you don't need to put too much thought into your buy or sell price like the old days where you had to price it carefully so the order was filled by someone. Although Coinmarketcap used their position to their advantage hopefully they are going to put the money they made to good use and are not just being greedy.
The fault is on the community for blinding trusting a centralized entity when the main reason why we all love crypto is because is decentralized. Lesson learned ;) ... Let's wait for the next decentralized blockchain for price aggregation :P
I lost respect for CMC not bc they "crashed the market" but bc they are quick to do something about Korean exchanges that has no effect on the market but keep BitConnect, something that will effect the whole market when it ends...
I think it was a responsible move. I mean most of us don't trade at the rates of the Korean exchanges so this "correction" corrects us on the real value of what we should be getting things at. Basic statistics by removing outliers guys.
If I didn't get stuck with 10 LTC at 282 each and saw the price NOSE DIVE to 230, I would have bought it. I thought 262 was low, bought 2 and saw it even going down further.
This whole event seems like all planned since I saw people panic and keep selling and then at 230, I saw a insane buy order so fast to get back to 247.
Absolutely it was very irresponsible! There was absolutely no reason they could not have posted a damn header on page stating prices shown reflect new method of calculation or something to that degree! A very simple remedy could have been put in place. I would not be surprised if legal action were taken against them. I myself am just disappointed that these thinks happen so often. If it is not a hack, unverified news out of China, theft by projects, etc.. it is always something. I understanding it is growing pains but come on!
Great info! I believe that 2 additional things need to be factored in too..as of yesterday, Cryptopia closed down their LTC and DOGE trading. In addition, cryptopia, binance and bitrix are reportedly paused in accepting new user registrations. Kucoin is taking new users and has some great reviews! It also reportedly may trade PAC coins soon too! https://www.kucoin.com/#/?r=7MsJPs
can we buy on bittrex or any other exchange that a coin is cheaper and sell on a Korean exchange?
so for instance send 1 eth to Coinone sell it for Won and change it to USDT (Tether) then send the USDT to Bittrex. ??
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