Report: 87 Percent of Exchanges Show Wrong Volume Data
The Tie, analytics research firm published a report that shows 87 percent of exchange volume data is incorrect.
The report collects data from 97 different exchanges and finds that the majority of the volume is coming from the users that do not even visit the exchanges.
The report further explains that 87 percent of the exchange volume was potentially suspicious however 75 percent of exchanges have some suspicious activities going on.
Maximum exchanges claim twice the volume as shown in the report. Most of the small exchanges are showing high volumes to attract users. This report includes small players as well big player as Coinbase Pro, Binance, Kraken.
The report further explains that the average volume per visit of Binance, Coinbase Pro, Kraken is $510. Which not includes the traffic from mobile devices and trading from API keys. The report excepts a daily trading volume of $2.1 billion whereas the data on coinmarketcap is dramatically high ($30 billion).
Binance CEO, Changepeng Zhao reacted to report and tweet ”
Why do exchanges fake volumes? “. CZ further wrote:
” Coinmarketcap is the higest traffic website in crypto space, and biggest reference for exchanges. A high rank on Coinmarketcap boost the new users for shrot term.
Cryptopia exchange is now opens trading with live 40 pairs. The coin wallets are still in maintenance and users are unable to make a deposit or withdraw from the exchange.
Bitcoinik reported last month, the overall trading volume has dropped to its new all-time low levels since May 2017. However the voulme is again gains pace and now on the highest levels since May 2018.
