CoinMarketCap Removes Bitfinex After Tether Drama
The past week is full of Tether and Bitfinex drama, CoinmarketCap the leading crypto information provider decided to remove Bitfinex price data from its calculation. Coinmarketcap removes Bitfinex market data.
As per a report by TIE posted on 20 March that shows that more than 80 percent of the cryptocurrency exchanges shows wrong volume data. To encounter this CMC announced to launch Data Accountability & Transparency Alliance (DATA) to provide more transparency in crypto space.
CMC gives exchanges a 45 days period to provide correct and live time data. However, Bitfinex provides premium prices that have a difference of upto $300 from other exchanges.
CMC has removed other exchanges from the calculations earlier such as Bithump, Coinone, and Korbit because of very high fluctuations from other exchanges data.
At the time of writing the price of 1 BTC is $5700 on Coinbase, $5695 on Bitstamp and $6060 on Bitfinex.
Bitfinex has experienced a major drop in the number of users after the announcement from the New York Attorney office that they have received a court order. The order reveals that the exchange is trying to hide a loss of $850 million. The funds are frozen until the investigation completes.
Tether holder is forced to convert their funds into Bitcoin or Ethereum to cash out because many exchanges stop deposits and withdrawals of Tether (USDT) cryptocurrency. This is a reason for a sudden increase in the price of Bitcoin and Ethereum.
