CoinMarketCap excludes domestic cryptocurrency exchanges from the bitcoin market price.
A spokesman for CoinMarketCap said, “When the price of the domestic exchange stabilizes, we plan to put in data again, but that hasn’t happened yet.”
According to Cointelegraph, a cryptocurrency marketplace on the 7th, CoinMarketCap, a site that provides cryptocurrency prices, excluded domestic exchanges from calculating the bitcoin price as the price of bitcoin fell below 58,000 dollars again.
Currently, CoinMarketCap’s bitcoin (BTC) market does not show any data from major domestic cryptocurrency exchanges such as Upbit, Bithumb, Coinone, and Kobit. This website estimates the average price of cryptocurrency using data from many exchanges around the world.
As of around 5:20 pm domestic time, the bitcoin price is trading at $57,679, down 2.13% from the previous 24 hours.
In an interview with Cointelegraph, CoinMarketCap content manager Molly Jane Zuckerman said the move was due to the’premium’ observed in Korea-based cryptocurrency exchanges. The cryptocurrency analytics provider estimates that the price of BTC in Korea is about 6% higher than that of other exchanges.
Researcher Zhucommon said, “We plan to add data again when the price of the Korean exchange stabilizes, but there is no such thing as yet.”
Meanwhile, CoinMarketCap took a similar measure in 2018 when it announced that “some Korean exchanges were excluded from the price calculation due to price differences and limited arbitration opportunities from other regions of the world.”