Binance, Bitfinex only exchanges in top-25 list not faking trading volume, says research

There have been many scandalous revelations with respect to the exchanges over the past, and now a report from Blockchain Transparency reveals that most cryptocurrency exchanges are faking the cryptocurrency trading volumes. The report infers that 87% of all trading volumes on the top-25 exchanges are fake.

The widely used CoinMarketCap too is not a reliable source, marks the report. It suggests that out of 25 exchanges on CoinMarketCap, 11 had their volumes faked for up to 99%. Twelve of the major exchanges likes Huobi and OKEx are faking more than 75% of the trading volumes, said the report.
Many of these exchanges are situated in places like the Cayman Islands and Gibraltar, which do not have many regulations to keep the manipulation in check.
Malta-based Binance and British Virgin Island-based Bitfinex are the only two exempted from charges of manipulation in the report. However, Bifinex has been charged with pumping up the Bitcoin in 2017. It was alleged that Bitfinex issued Tether, but when it comes to the trading volumes, the data of Bitfinex seems reliable, noted the report.
Under the leadership of Changpeng Zhao aka CZ, Binance seems to be a reliable option as it has always proved itself, according to the report. The exchange recently pledged to donate all of their listing fees to charity. It is also actively participating in developing the ecosystem by taking up initiatives to impart education and generating funds.
The exchanges were also involved in manipulating the volumes usually let the investors buy and sell to themselves, giving an illusion of trading activity on exchanges. This is illegal in many jurisdictions and thus, the exchanges in the are with less to no regulations, are seem to be involved in what is known as Wash Trading.
Exchanges like Coinbase and Kraken, which are major US exchanges, were not a part of the top-25 list. These exchanges are mostly fiat and do not participate in wash trading like other on the list.

This is a shocking revelation and is exptected to impact many crypto holders and others planning to take an informed decision. The entry of institutional players like Nasdaq and NYSE may bring in more regulations and might reduce the chances of data manipulations.
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Source: AMB Crypto

XRP’s circulating supply data is directly from Ripple’s statistics, says CoinMarketCap

The XRP and CoinMarketCap saga has taken a new turn with the cryptocurrency listing website revealing a new development on XRP’s circulating supply. CoinMarketCap had tweeted:
“The circulating supply data we are reporting for XRP is directly from the Ripple network stats. The “distributed” portion of the XRP supply is what is currently in circulation. The “undistributed” portion of XRP is not circulating as indicated by Ripple.”
The latest release by CoinMarketCap comes after research by the company that took into account the general XRP circulating supply displayed on the website. CoinMarketCap has also given out a list of code snippets that show the charts considering the XRPs in the distributed portion of the circulating supply and not the undistributed portions. XRPs are not mined like Bitcoin, so all the XRPs present were brought into existence from the point of creation of the XRP ledger.
The claim comes after multiple reports of XRPs circulating supply being manipulated online. The initial issue was about CoinMarketCap not considering the XRPs in the escrow. Even after the latest update from CoinMarketCap, users were still aghast about the previous accusations and comments. ExArePee, a Twitter user stated:
“We will never forget your manipulation and korean exchange saga…Wild West coming to an end and you will be looked at by regulators for providing inaccurate and misleading information for investors. You have little time to put this right…”
Another Twitter user, XRP Patriot had said:
“You’ll be faZed out like old tech , you are the MySpace of crypto . Make way for the big boys !”
According to CMC, XRP’s current market cap is holding at $14.094 billion with a total circulating supply of $401.657 million. The market cap disparity has also caught the eye of several popular members of the XRP community.
David Schwartz, the Chief Technical Officer of Ripple and someone who has been called Ripple’s trillion dollar man, had also given his two cents on the matter, saying:
“I don’t really have strong feelings either way. It is hard to figure out how to be fair in all these different cases. But it is weird that XRP winds up getting penalized in many ways for its transparency with people assuming the best imaginable about what they do not know.”
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Source: AMB Crypto

XRP community cries foul over CoinMarketCap’s repeated “market manipulation”

CoinMarketCap [CMC] not considering the XRPs in the escrow is an escalating issue that’s being discussed widely. The cryptocurrency community is torn between people who believe that CMC is correct in not including the escrowed XRP, and people who believe otherwise.
XRP overtaking Ethereum to become the second largest cryptocurrency was talked about in the cryptocurrency community for a long time as it was not just a momentary switch in the ranking.
Ripple’s Chief Marketing strategist, Cory Johnson tweeted to an article of a popular news portal insinuating that the market cap was calculated incorrectly.

The conflict of ideas arises due to the fact that CMC is considering only the circulating supply and price for calculating the market cap and not the ones held in escrow. A part of the community is considering CMC to be right because, for the calculation of market cap, CMC uses the price and circulating supply and does not consider the tokens/asset held in escrows.
The other half of the community argue that with that definition the Bitcoin’s market cap has to be reduced as well because Craig Wright holds 1.1 million BTC in an escrow called “Tulip-Trust” which will be released in 2020.
Yahoo finance website is in agreement with the latter half of the community and considers the escrowed XRPs as well.
As per CMC the market cap of XRP at the time of writing was $14.57 billion and that reported by the Yahoo Finance the market cap is $36.17 billion while the price of XRP remaining at $0.3616.
Prominent members in the XRP community like Tiffany Hayden and Dr. T are against CMC’s version of market cap for XRP.
A Twitter user LaHoyaJolla commented:
“1/2 You keep saying this, but it your methodology is wrong and should be altered to:
A) better represent all projects
B) adhere to already standardized methods of determining market capitalization rather than arbitrarily creating a methodology that falls outside of the norm
2/2 BTC’s supply currently includes all unrecoverable BTC and large holders’ balances.
What does it feel like constantly losing these ideological battles? I hope it’s more exhausting than it is constantly fighting them.”
Furthermore, some community members even pointed out how CMC excluded the data from the Korean exchanges for market cap calculations on January 8, 2018 without any prior intimation.

CMC, at one point partially agreed with the community and asked a Ripple official to submit a request to update the market cap.

David Schwartz, CTO of Ripple commented on the matter:
“I don’t really have strong feelings either way. It is hard to figure out how to be fair in all these different cases. But it is weird that XRP winds up getting penalized in many ways for its transparency with people assuming the best imaginable about what they do not know.”
A user, David Corner tweeted:
“Jon Redz:
Cory johnson would disagree with you. In fact Maybe the SEC should look at CoinMarketCap for manipulation of the market as they clearly have a bias towards, anyway no longer using coinmarket cap as it does not give you the true facts”
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Source: AMB Crypto

BitForex 24-hour trade volume is over $5 billion on CoinMarketCap: Community screams manipulation

CoinMarketCap is one of the world’s trusted source for cryptocurrency information such as price, volume, marketcap etc., which is used by millions of individuals, organizations, and exchanges. However recent claims by some of its followers are not in its favor, Kevin Rooke, a cryptocurrency enthusiast tweeted:
Tweet by Kevin | Source: Twitter
According to Kevin, CoinMarketCap is misleading its users by displaying fake volumes on cryptocurrency exchanges. Moreover, some users have claimed to witness the manipulation, however there has been no evidence and metrics to prove its existence. Previously, CMC was accused of aiding wash trading. Wash Trading is a method whereby a user is misled into investing by providing false information.
This time, the website displays incorrect information of an exchange platform named BitForex. Based on the 24-hour trade volume, BitForex’s volume is much higher when compared to that of Binance, the biggest cryptocurrency exchange platform in terms of trade volume, and other leading cryptocurrency exchanges in the market.
Bitforex is a cryptocurrency exchange headquartered in Singapore. They also have independent operating teams in Germany, Estonia, Hong Kong, Malaysia, the Philippines, other countries. Their exchange platform includes Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Stellar Lumens [XLM], and Neo [NEO].
On CoinMarketCap, the adjusted market volume of BitForex is more than $1 million whereas the 24-hour market volume is more than $5 billion.
BitForex 24-hour trade volume on CMC | Source: CoinMarketCap
Moreover, it has been pointed out that the search volume of BitForex is nowhere close to that of Binance, according to Google Trends.
Google trends comparison between Bitforex and Binance | Source: Google Trends
undertheradar48, a redditor posted:
“It’s honestly embarrassing that we can’t trust the most widely used crypto data site to provide reasonably accurate information. These kinds of blatant lies make it impossible to trust anything else shown on their site.”
In addition, on their blog, CoinMarketCap had stated that they ‘stand for data transparency and clarity’ when they were previously accused of manipulating their data. They stated that all the information which is provided on their website is accumulated from hundreds of exchanges based on the APIs which is provided to them.
They said:
“When we list exchanges, we do our best to verify with exchanges that the APIs they provide us will pipe through the freshest and most accurate data possible.”
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Source: AMB Crypto

CoinMarketCap now accepts Kind tokens for ads

On 3rd August, CoinMarketCap, a leading website for tracking capitalization of cryptocurrencies has announced that they will be accepting Kind tokens as a form of payment for ads in addition to accepting Bitcoin [BTC], Ethereum [ETH] and fiat payment modes. CoinMarketCap will be optimizing end-user experience and ads through best practices apart from ensuring a continuous flow of most accurate and abreast data on cryptocurrency.
Since CoinMarketCap is supported by ads, the company aims at continually improving their advertising tactics and involve themselves in perceiving the needs and requirements of the end user. In this process, they claim to have found many interesting ad-based blockchain projects that are in its infancy and rapidly making progress.
Their statement regarding the above read:
“As we continue to improve on our ad strategy and involve our users in understanding their needs, we have found many interesting advertising-based blockchain projects developing. We often research their pros and cons and are active observers in how they may help our users to experience ads better, or even be rewarded as part of advertising ecosystems in the future – true to the spirit of the blockchain.”
Further, they added:
“Even now, we’re always on the lookout for great ideas and implementations around the advertising blockchain space.”
CoinMarketCap which has been keenly observing Kind Ads project said that the Kind network’s goal to make the internet a “kind” place was in line with their opinion about making advertising more significant for end users.

As opposed to current digital Ad industries, the Kind network states to offer the below:

Kind Ads will show users more relevant ads through channels like email marketing and push notifications.
Users will be able to specify exactly how their data will be used, and be incentivized more to allow access via a tokenized rewards pool.
Allow publishers to easily sell access to their subscribers directly to advertisers.
Advertisers will be able to find the publishers based on subscriber quality and run campaigns with confidence.

CoinMarketCap believes that the Kind project will facilitate a win-win situation for both the advertisers and users in terms of cost and access. As part of Kind’s offering, users may also have an upper hand over their data and personal interests. Ultimately, aiming to ensure that the internet is free of intrusive and malicious ads.
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Source: AMB Crypto