CoinMarketCap excludes Korean data for cryptocurrency trading analysis

CoinMarketCap excludes Korean data for cryptocurrency trading analysis

CoinMarketCap excludes Korean data for cryptocurrency trading analysis

Cryptocurrency values have plummeted by €100billion after an influential website sparked panic by removing South Korean exchange prices from its rates.

However, after the Justice Ministry spoke of an impending ban (and, indeed, after the global market took a huge coinciding dip), local reports from South Korea's Ministry of Strategy and Finance (MOSF, a key member of the crypto task force) said that the MOSF does not agree with the "premature statement of the Ministry of Justice about a potential cryptocurrency trading ban".

Park Sang-ki, the country's justice minister, said there were "great concerns" about digital currencies and that his department was preparing a bill that could ban trading in all of them.

A data adjustment by CoinMarketCap caused cryptocurrency prices to drop on Monday.

Choi said that the government is ramping up monitoring efforts, and is poised to hold accountable banks for their duty to prevent money laundering. "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".

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The announcement removed data from Bithumb, Coinone and Korbit from CoinMarketCap's average calculations. "We have nothing further to say at this moment", she told AFP.

An official at the Financial Supervisory Service, South Korea's top financial regulator, said closing local exchanges would represent a "very strong measure" against virtual coins and would "effectively suffocate" cryptocurrency transactions within the country.

Yesterday, the home page of CoinMarketCap suggested a huge decline in it the cryptocurrency market where the overall valuations plunged by almost 10% while the price of Ripple, which has been the most talked-after cryptocurrency in last two weeks, declined by almost 30%. The government later responded by saying that the bill isn't finalized and that it may not ban cryptocurrencies.

The move appears to have taken place just before 5 a.m. UTC (1 a.m. ET), when a steep, $35 billion drop in the total market cap of cryptocurrencies can be seen in CoinMarketCap's data.

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