CoinMarketCap Excludes Korean Exchanges From Its Data, Shows Crypto Prices Falling Significantly

Finance: Here's why cryptocurrencies are getting smoked on Monday

His remarks sent bitcoin prices plunging 18 per cent on South Korean exchange Bithumb, while ethereum slumped 23 per cent.

However, on Sunday, the website made a decision to remove three Korean exchanges from its price calculations, and since Korean exchanges usually trade higher than other markets, the overall average price for each coin declined, leading many to believe that the crypto market as a whole was in a bearish trend.

"The ministry is preparing legislation that basically bans any transactions based on a virtual currency through the trading floor", he told journalists.

CoinMarketCap has always been the go-to price index for cryptocurrencies, given its extensive database and an average price calculation based on global exchange data for each coin. "It has started to resemble gambling and speculation", Mr Park added, citing the fact that bitcoin prices are higher in South Korea than globally - the so-called "kimchi premium".

"We're closely monitoring government moves".

According to another Reuters report over the intensifying moves against Korea's bitcoin exchanges, Bithumb and Coinone were raided by police and tax office officials on yesterday and today.

South Korea is causing some big ugly waves in the world of cryptocurrency that is impacting Bitcoin, Etherrum, and XRP.

On the same day, financial authorities inspected six local banks that offered virtual accounts for corporate customers.

"Justice Minister Park's comments related to the shutdown of cryptocurrency exchanges is one of the measures prepared by the Ministry of Justice, but it's not a measure that has been finalized".

Bitcoin is the world's most popular digital currency, or cryptocurrency, and its price soared a year ago as private investors piled in. Many traders say that they reacted to the change in the data which resulted in further decline in the prices which was perceived to be a heavily falling market. The government later responded by saying that the bill isn't finalized and that it may not ban cryptocurrencies.

A Chinese ban on virtual coin transactions in yuan ended up driving many investors underground, exposing them to greater risks, he said.

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