CoinMarketCap has long been the go-to price index for cryptocurrencies, given its extensive database and an average price calculation based on global exchange data for each coin.

However, on Sunday, the website decided to remove three Korean exchanges from its price calculations, and since Korean exchanges usually trade higher than other markets, the overall average price for each coin declined, leading many to believe that the crypto market as a whole was in a bearish trend.

The crypto community, especially those using CoinMarketCap’s price index to determine the state of the market, criticized the unannounced decision and alleged market manipulation, given how several traders sold their holdings to cut their losses.

CMC, however, sent out an official Tweet on Monday, citing “extreme divergence in prices from the rest of the world and limited arbitrage opportunity” as the main reason behind dropping Korean exchanges from their index.

The three Korean exchanges that were removed from the price index are Bithumb, Coinone and Korbit, all of which boast significant trading volume in Korea and report higher-than-market prices for their KRW pairs.

With this move, CMC’s price index is now more ‘accurate’, when compared with standard trading platforms such as Gdax, Bittrex and Binance, and Ripple’s David Schwartz supported the change, calling the new prices more meaningful.

While the community is divided over the issue of leaving Korean exchanges out of the market data, the majority criticized CMC’s decision to make such a major change without prior notice.

On Sunday, the total market cap for the crypto space was over $835 billion, but dropped majorly on Monday, following the change, going as low as $682 billion before recovering to around $760 billion earlier today.

While there is no official word from CMC addressing the lack of prior notice before such a move, its impact on the market once again goes to show its highly volatile and sensitive nature.