CoinMarketCap, a popular cryptocurrency data provider, will not use data from South Korean exchanges to calculate the bitcoin rate
At the moment, the BTC rate tracker on CoinMarketCap does not take into account data from major South Korean cryptocurrency exchanges like Upbit, Bithumb, Coinone and Korbit.
CoinMarketCap Content Manager Molly Jane Zuckerman said the move was driven by a significant difference in exchange rates seen on Korean cryptocurrency exchanges. It is estimated that the price of BTC on Korean exchanges is about 6% higher than on other exchanges.
“If prices on the South Korean stock exchanges stabilize, we will take this data into account again, but it’s too early to talk about it,” Zuckerman said.
The last time similar actions were taken in 2018, when CoinMarketCap excluded some South Korean exchanges from settlements due to serious price discrepancy with the rest of the world and limited arbitrage opportunities.
CoinMarketCap said that, given the significant trading volume of this asset on the South Korean exchanges, the changes will only affect the bitcoin rate index. Last month, the volume of transactions in the South Korean digital currency market briefly exceeded the average daily amount of transactions in the country’s stock market.