The majority of the Crypto market has spent the day in the red, including all of the ‘top 10.’
The reason appears to be linked to a decision by Coinmarketcap.com to remove Korean prices from their website. Due to Coinmarketcap’s decision, the prices automatically appeared to be dropping when in fact they had remained same. This caused many to panic sell due to their misconception that the market was falling….which inevitably did cause the market to fall!
David Schwartz, Chief Cryptographer at Ripple, tweeted (via @joelkatz) the following:
Coinmarketcap’s decision to exclude Korean prices from the displayed XRP price made the price appear to drop, likely triggering some panic selling. Look closely at the data and don’t be mislead.
Today is a sign of just how volatile the Crypto market can be. Although great gains are there to be made, big drops are also common place. We are still at a very early stage in which is a fairly new and expanding market.
We do expect the market to recover fairly shortly.
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