South Korea is causing some big ugly waves in the world of cryptocurrency that is impacting Bitcoin, Etherrum, and XRP. Just within 24 hours after CoinMarketCap, a leading global index of digital currency prices, adjusted its listed data by removing a group of Korean cryptocurrency exchanges from its price calculations, the total cryptocurrency market capitalization crashed by more than $150 billion.
CoinMarketCap, which did not announce the change and did not respond to a request for comment, now shows 7,556 reporting markets for its 1,386 displayed cryptocurrencies on its website.
The move drew fierce criticism from the cryptocurrency community.
The decision was interpreted as a signal for a sell-off in cryptocurrencies and resulted in a so-called flash crash in the market, which, however, soon started to rebound.
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The cryptocurrency market has seen a major correction, for the second time in less than three weeks. The digital coin has lost 9.6% of its value in the past 24 hours and its market capitalisation now stands at almost $86 billion.
Cryptocurrencies were taking a beating on Monday amid concerns over an increase in global regulations, particularly in China and South Korea.
The price of Ripple, the third-largest virtual currency, fell as much as 20 percent on Wednesday.
Monday's declines looks to have provided investor opportunity rather than deliver a more significant blow to the markets, though it remains too early to say what the eventual outcome of all of the increased oversight will be and what effect they will have on overall volumes. For one, reports have emerged that the Chinese government, home to the world's largest Bitcoin mining operation, would push for an "orderly exit" from the cryptocurrency mining business, Quartz reported. Until December 20, the ripple stayed below $1 per coin. In 2017, XRP soared 35,000 per cent, surpassing bitcoin's surge of around 1,500 per cent. The introduction of futures trading allows for betting on and against Bitcoin prices, and market data now indicates many investors are preparing to speculate for a fall in the price of Bitcoin.