After a crackdown on cryptocurrencies in China, market investors turned to South Korea and Japan, now two vital sources of global demand for Bitcoin and other virtual currencies.
It's been a fierce battle for silver in the cryptocurrency world in recent days.
"We excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity", Coinmarketcap wrote on Twitter.
Since the trading prices of most cryptocurrencies are much higher on the South Korean exchanges like Bithumb, Coinone and Korbit, reportedly up to 30 percent higher as a result of high local demand compared to other countries, CoinMarketCap's revised prices showed a sharp, sudden drop.
That caused confusion among investors and partly contributed to a major sell-off, also fuelled by news that South Korean and Chinese regulators planned to increase monitoring of trading and mining. That pushed Ripple's market capitalization down to $98.5 billion, and lifted Ethereum'svalue to $111.9 billion, according to data firm CoinMarketCap.
"We need regulators to look into the space more closely, the Korean exchanges have become insane in terms of price differences so these regulatory actions would help the price stability", Naeem Aslam, chief market analyst at TF Global Markets, told Bloomberg.
Observers increasingly are questioning the value of various cryptocurrencies, and the 20% plunge in Ripple on January 8 shows that significant risk exists.
Whether Bitcoin can find its legs through the remainder of the day remains to be seen, but one thing looks certain and that is Ethereum staying on the front foot, as it continues to fight off the competition and defy gravity.
The year 2017 may forever be known on Wall Street as the year of bitcoin. Analysts suggested the move would further contribute to wider market acceptance of the virtual currency.
President Donald Trump is meeting Tuesday with key lawmakers on immigration policies, but no breakthrough appeared imminent on how to protect hundreds of thousands of young immigrants from being deported.
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Trump waves as he walks across the South Lawn of the White House to depart by Marine One, in Washington, DC, USA, 16 June 2017. Sanders said that Trump would defend his agenda while participating in the forum of global elites.
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