A research report published this month by the Blockchain Transparency Institute (BTI) claims that quite a number of top crypto exchanges are overstating their trade volumes. Out of the 130 top crypto trading platforms that BTI researched, the organization estimated that over $6 billion worth of digital asset trade volumes are being faked every 24 hours.
Billions of dollars worth of cryptocurrencies are swapped every single day. A lot of exchanges have been scrutinized over the past year for reporting false trade volumes. A lot of data sites have also been questioned for displaying over exaggerated trade volumes.
BTI in its study used the crypto exchanges’ order book liquidity along with the unique daily visitor counts to the exchanges. The agency conducted this research with the help of web traffic data websites such as Similarweb and Google Analytics. The BTI researchers further revealed that they used Sylvain Ribes’ slippage paper for their research. According to them, this gave them a more accurate analysis of exchange volumes.
During the research, BTI mentioned that they found discrepancies with the Huobi and OKEx exchanges along with the Bibox trading platform. According to the study, Coinbase is the top trading platform in the U.S. and Binance exchange commands the largest unique visitor per day count, as stated in the Bitcoin News report.
In terms of trading volumes in South Korea, the researchers stated that Bithumb overtakes UPbit’s volumes. The UPbit crypto exchange disputed this statistic and reached out to the BTI team. The BTI team of researchers intends to observe UPbit’s mobile app user count. They are willing to work with any exchange that provides verifiable data. The study concluded that 130 exchanges are reporting trading volumes worth around $6 billion which seem to be false.
Phony trade volumes projected on crypto exchanges are not new to the crypto industry. There have always been accusations around this ever since the first exchanges opened. There were a lot of editorials and studies way back in 2013 and 2014 concerning exchanges reporting false trade volumes.
The post BTI Report Claims Top Crypto Exchanges Overstating Their Trade Volumes appeared first on OWLT Market.
from OWLT Market https://ift.tt/2LCc1HF
via IFTTThttps://ift.tt/2OlCCL9
No comments:
Post a Comment