5 things to know about Bitcoin, Ripple XRP price movement
1) The exclusion of data from South Korean exchanges, where virtual currencies trade at a wide premium, sowed confusion and triggered a broad selloff on Monday, according to analysts. Market participants said CoinMarketCap removed data without any explanation from three of the largest South Korean exchanges: Bithumb, Coinone, and Korbit.
2) Monday's Bitcoin prices were also hit by news that South Korean financial authorities were inspecting six local banks that offer virtual currency accounts to institutions.
3) In recent trade, Ripple's currency XRP was trading at $1.94, down 12.8 per cent on Bitstamp exchange. 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.
4) Traders said XRP was the most severely affected on Monday by CoinMarketCap's removal of South Korean prices because it was trading at a 50 per cent premium in that country.
(With agency inputs)
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