Don't panic... everything is fine !
Explanation :
Few hours ago Coin Market Cap removed Korean exchanges from their coin price calculations and being that all coins are about 30% pricier over there, it instantly tanked the price on CMC graphs. From what I see this is happening now :
CMC removed Korean exchanges
Prices/graphs instantly tanked (but in practice not relevant to people outside Korea who dont trade there anyhow)
Large number of people did not recognize what actually happened and that there were not moves/selling on their western exchanges
Those same people are now dumping large amount of coins trying to "cut loses" because of the false impression that coin is crashing.
Random stuff happening
My opinion is that this should have been handled much better by CMC. At least put a banner saying "WE HAVE EXCLUDED KOREAN EXCHANGES BECAUSE OF THIS OR THAT AND IT WILL HAVE SUCH INFLUENCE ON CALCULATIONS". I just hope they do not put back and remove those exchanges at random point in time. Any thoughts?
source: www. reddit.com
graphics: www.pixabay.com
Yeah and we will see quick bounce back when more and more people will realize that this is not a real dump but a misunderstanding.
Yeah promotion is over :D
Thank you for that! I suspected something out of the ordinary must have been happening. I also heard news that China miners have been ordered to stop which is probably also affecting the market temporarily.