The research from crypto trading analytical platform ‘The Tie’ has reported on March 18, 2019, that the 87 percent of trading exchange of cryptocurrency is “Potentially Suspicious.” The Tie gathered the 97 exchanges reports, and the researchers found that the enormous majority of the trading volume professed was from users that don’t even exist.
This research report has come out at the time when the analysts and market investors are providing greatest interest in the exchanges’ reported trade figures, and the research proposed that many of these trading figures are largely imprecise.
The trading analysis platform The Tie warned, “In total, we estimated that 87% of exchanges reported trading volume was potentially suspicious and that 75% of exchanges had some form of suspicious activity occurring on them.”
“If each exchange averaged the volume per visit of CoinbasePro, Gemini, Poloniex, Binance, and Kraken, we would expect the real trading volume among the largest 100 exchanges to equal ($2.1 billion) per day. Currently, that number is being reported as ($15.9 billion)”, they added.
The exchanges frequently fielded allegations of figures false reporting: as the identical reports had been released in March last year, which warned about the same issues with data from the trading exchange.
The news of this report has upset the Binance CEO, Changppeng Zhao, who advised exchange ordering resources have to be more attentive about how they register market investors.
Zhao took favor of CoinMarketCap, says it is the most famous resource, which has enormous recognized its presence all over the industry. He posted a tweet on twitter stating, “CoinMarketCap is the highest traffic website in our space and the biggest referrer for all exchanges.”
“Ranked high on (CoinMarketCap) has benefits for getting new users. But at the expense of Destroying Credibility with pro users. Many forget the later part,” He added. Other experts say that ranking should utilize distinct metrics entirely, like order book depth.