Bitcoin forecast 2018 – As we all know, the Koreans play a very vital role in the crypto space and most often, have higher prices in their exchanges as oppose to Western exchanges. Recently, we saw another price dip which yet again resulted in crypto skeptics assuming the crash they have all been waiting for is taking place. On the contrary, Coin market cap’s deliberate but temporary removal of South Korean exchanges from their price prediction models caused the recent cryptocurrency market dip.
Coin market cap removed South Korean exchanges such as Bithumb and Coinone from their price prediction models between late Sunday and early Monday. Due to this removal, we saw the price graphs take a dip and the charts were all red as this market has a very big influence on the entire space. Some arguments were initially put forward as to why Coin market cap took out South Korean exchanges from their price prediction models. Some speculators initially assumed this was due to uncertainty over the South Korean government’s announcement of inspecting banks that carry cryptocurrency accounts.
Nevertheless, Coin market cap released an official tweet wherein they pointed out the main reason for this removal. According to the tweet, Coin Market cap is excluding the South Korean exchanges due to their huge price difference from the rest of the market and are currently working on getting the right tools to get averages that are much more representative than they currently are. This will definitely affect the bitcoin forecast 2018 in terms of price and those of other cryptocurrencies.
This saw a drop-in global market capitalization of about $100 B and as a result, many Western traders and investors were quick to sell their positions to make the best returns due to FUD. Ripple was among the coins which received a hard hit due to this price dip. It saw a drop in price from $3.40 after attaining its all-time high of over $3.80 to $2.35 as of press time while struggling Litecoin saw a dip after it seemed to be recovering by crossing the $300 mark which now hovers around $249.
Therefore, a false alarm caused the recent crypto market dip due to the coin market cap’s temporary exclusion of South Korean exchanges from their platform. Investors cashing out was only an after effect of the panic.
What are thoughts on this recent move and the recent crypto market dip? Do you think it’s in the markets best interest by excluding South Korean exchanges from Coin market cap? Do you think this will affect bitcoin forecast 2018 in terms of price?
Let us know in the comment section below.