Markets

Bitcoin, Ripple, Ethereum Slump As CoinMarketCap Kicks Off Korean Exchanges

Bitcoin, Ripple, Ethereum Slump As CoinMarketCap Kicks Off Korean Exchanges

On December 22, Bitcoin fell below $11,000, but then rebounded and has been volatile ever since. To be sure, bitcoin is still the biggest cryptocurrency by far - with market value exceeding $250 billion - and is expected to keep that mantle in the months to come. This makes it impossible to value using conventional metrics and therefore could be worthless, or may rise to $5 per Ripple coin in the future.

'Every crypto is priced at a 30 percent premium in South Korea, ' said Greg Dwyer, head of business development at cryptocurrency derivatives exchange BitMex.

As of midday in NY on Monday, bitcoin was last down 7.1 per cent, at $14,980 on the Luxembourg-based Bitstamp exchange. As news about the real reason for the price correction spread, the cryptocurrency market started to slowly recover lost ground and the crypto market cap presently stands at $760 billion.

The Cboe futures contract for January had hit an intraday low of $14,560, before recovering to $15,040 at the time of writing.

Analysts said bitcoin was also undermined by news earlier in the session that South Korean financial authorities were inspecting six local banks that offer virtual currency accounts to institutions. Ripple is now trading at around $3.30 on the three platforms, well above the market average compiled by Coinmarketcap.

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"We are working on better tools to provide users with the averages that are most relevant to them". A representative of the website confirmed the moves in an email to The Wall Street Journal, citing "extreme price discrepancy" among South Korean exchanges.

'Anyone looking to take advantage of an arbitrage in South Korea needs to do it with fiat currencies'.

Ripple's price, which rose as high as $3.65 last week, may have gotten an extra push southward after the largest USA -based cryptocurrency exchange Coinbase quashed rumors that it might allow trading of Ripple in the near future.

Bitcoin witnessed another landmark achievement previous year. The introduction of futures trading allows for betting on and against Bitcoin prices, and market data now indicates many investors are preparing to speculate for a fall in the price of Bitcoin.

Ripple is a US -based provider of blockchain-based banking payments and it created XRP to facilitate cross-border payments and institutional settlement in seconds.


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