Almost 90 percent of all trading volume of the cryptocurrency exchanges actually may not be entirely correct. This is reported by analysts of the platform The Tie in his report. According to the study 97 exchanges, a large part of trade deals is a fake. In other words, ordinary users are not involved in trading.
The discovery surfaced after a detailed analysis of the dependencies between the major trading platforms like Kraken and Binance or less known exchanges.
Overall, we found that 87 percent of the exchanges reported a suspiciously high trade volumes. While 75 percent of companies surveyed conducted any unreported suspicious activity on trading platforms.
It turns out that the numbers can be much more frightening.
If you take a real trading volume CoinbasePro, Gemini, Poloniex, Kraken and Binance, its value will not exceed $ 2.1 billion per day. According ScriptResource, this figure is not less than 15.9 billion.
We will remind, earlier the management of various kryptomere repeatedly accused of reporting fake trade volumes. In the scandal were involved, even the developers Coinmarketcap. After the publication of The Tie about this incident remembered the CEO Binance
Coinmarketcap has the highest traffic throughout cryptosphere. The portal is the largest collection of links to all of crypto currency exchange. High position of cryptocurrencies in the Coinmarketcap rating is very expensive but everything is done at the cost of destroying the confidence of the professional users of the crypts.
Why do exchanges fake volumes? @CoinMarketCap is the highest traffic website in our space, and biggest referrer for all exchanges. Ranked high on CMC has benefits for getting new users. BUT at the expense of DESTROYING CREDIBILITY with pro users. Many forget the later part.
This chart makes my day, lol. Thanks! Followed. https://twitter.com/TheTIEIO/status/1107671187520479232 …
However, the trading volume of the home cryptocurrency is still growing. Recently, this amount broke the record for the last 15 months. Let’s hope this is the first sign of the transition from a bearish trend to bullish.