In line with the recent ‘analysis report‘ by analytics platform ‘The Tie,’ around 90% of the total renowned crypto-currency exchanges’ reported trading volume might be wrong.
Moreover, figures analysed from almost 97 crypto-currency exchanges, researchers found that the overwhelming majority of the volume claimed to come from users might not in facts that exist.
“In total we calculated that 87% of the total exchanges reported volumes was doubtlessly suspicious and over 75% of exchanges had some sort of suspicious activity occurring on them,” The Tie added in social media ‘comments‘ within their findings. The organisation explained:
“If every exchange averaged the volume per visit of CoinbasePro, Gemini, Poloniex, Binance, or Kraken, we’d expect the actual commercialism volume among the largest a hundred exchanges to equal $2.1 Bln per day. Presently, that number is being rumored as $15.9 Bln.”
Exchanges have usually fielded accusations of volume misreporting: an identical issue was ‘reported‘ earlier in March 2018 warning similar issues with information from exchanges.
However, presently, Binance chief executive officer ‘Changpeng Zhao’ took business participants to task, arguing listing resources as CoinMarketCap added to the confusion.
“Why do exchanges manipulate volumes?” he queried on ‘Twitter‘ following The Tie’s report. CZ added:
“CoinMarketCap is the leading traffic web-site, and the biggest referrer for all exchanges. Ranked high on CMC has proved beneficial for obtaining new users. However at the expense of DESTROYING credibleness with pro users.”