CoinMarketCap popular cryptocurrency courses CoinaruCap removed several South Korean stock exchanges from its lists on January 8, causing a decline in the global market that has particularly affected altcoin Ripple (XRP).

Removed trades include Bithumb, the world's second largest stock exchange in terms of trading volume, with Coinone and Korbit.

CoinMarketCap, who uses data from multiple exchanges to produce average prices for cryptocurrencies, tweeted Monday about their decision to withdraw trading, saying that this was due to "the extreme divergence in prices from the rest of the world and limited arbitrage opportunities. "

This morning, we excluded some Korean trade in price calculations because of the extreme divergence in prices relative to the rest of the world and the opportunities of the two. arbitration limited. We are working on better tools to provide users with the most relevant averages for them. – CoinMarketCap (@CoinMarketCap) January 8, 2018

The Ripple Effect

CoinMarketCap's decision followed by a dramatic reversal in Ripple's record uptrend. The day CoinMarketCap removed South Korean trade, Ripple saw an immediate loss of more than $ 20 billion in market capitalization and a nearly 30% drop on January 8th. The altecoin was overtaken by Ethereum (ETH)

Ripple in particular is traded on South Korean trade at very high volumes, a fact that would have helped bring Ripple to second place on the crypto market last week.

are also more than a dollar higher than on most other stock exchanges in the world, which is part of what prompted CoinMarketCap to exclude them.

<img alt=" Ripple Markets "src =" https://cointelegraph.com/storage/uploads/view/a025399feaa24f620eb0e6b3c491e9f6.png "title =" Ripple Markets "/>

Rumors according to which Coinbase would add the altcoin, followed by a confirmation on Jan. 4 that it would not do so, caused a spike and a drop in Ripple's price in the early days of January. However, the Falling prices after CoinMarketCap's January 8 ruling had a more immediate and dramatic effect, with a drop of more than 16% in the space of 6 minutes.

<img alt=" Ripple Charts "src =" https: //cointelegraph.com/storage/uploads/view/33102e69cc488cc737fb7aa61490f46b.png "title =" Ripple Charts "/>

Following the move, XRP is currently lagging behind 0 , $ 60 on CoinMarketCap compared to similar services such as Live Coin Watch, which still includes major trade exchanges Reens.

Twitter users complained that the failure of CoinMarketCap to quickly alert users of their decision caused panic, which worsened the fall of the market

Coinmarketcap's decision to exclude Korean prices from the advertised XRP price drove down the price, which likely triggered some panic selling. Look carefully at the data and do not be misled. – David Schwartz (@JoelKatz) January 8, 2018

On January 7, local media in South Korea reported that the authorities would inspect six of the country's countries. Big banks to investigate money laundering by cryptocurrency.