A busy morning had seen my portfolio grow to find this afternoon something badly went wrong. As I browsed the exchanges I could see over $100 Billion had disappeared off CoinMarketCap but where did it go? Browsing the coins some seemed to be affected more than others and it became apparent that there was a problem. Looking through the Korean exchanges there was a little star next to each one of them which was a symbol that it wasn’t being counted on the CoinMarketCap. Basically the exchanges had been switched off from the CoinMarketCap website making it look like over $100 Billion had left the exchanges when in reality they had just been switched off from CoinMarketCap.
The problem with this is that not only do you get panic selling as prices plummeted but also stop losses set on exchanges by people and bots also couldn’t see where the money had suddenly disappeared to and pretty much most of the coins listed on CoinMarketCap and exchanges began to all go in the red losing as much as 30% of their value in a short period of time. I normally see market dips on a Friday but this was unusual for a Monday along with no media issues (such as Bitcoin forks) that normally cause these drops. At the same time spotting it led to people jumping in to profit in the dip as they seen the opportunities of coins that had dropped faster than Bitcoin and traded into Altcoins awaiting for the market recovery.