CoinMarketCap’s Luke Wagman dismisses steps to remove or delist exchanges with fake trading volumes

CoinMarketCap has been a go-to website for many in the cryptocurrency space. However, it has drawn a lot of criticism over alleged fake trading volumes. According to a report published by Bitwise, around 95% of the trading volume was fake on most cryptocurrency exchanges. One crypto proponent on Twitter had even compared CoinMarketCap’s information to be as reliable as a McDonald’s ice cream machine, while others in the space called out the website for ‘lying’.
In a recent interview, Luke Wagman, the Chief Evangelist at CoinMarketCap, shed some light on his stance regarding the Bitwise report and the allegations against the website. Wagman stated,
“This is not a CoinMarketCap specific issue, this is an industry-wide problem and there is no easy solution to it.”
According to Wagman, the website sought to “over-provide” information so that users could draw their own conclusions. Wagman said that letting users evaluate the exchanges by giving them “more control” was a fair step, rather than “actively policing” exchanges, which he cited would have been met with a lot of criticism.
He further said that removing or delisting exchanges with fake trade volumes “is not the solution”. From a business point of view, removing exchanges when none of CMC’s competitors are doing the same would make the website an inferior information aggregator, he explained.
Wagman also added that despite everything, information is always relevant and users would still want to use it to “look at it and experience it”. He further said,
” .. you can’t just nuke it from the website.”
The Chief Evangelist previously clarified that solving the problem of identifying exchanges with fake and real trading volumes was not easy. In an effort to mollify the damage caused by the allegations, CoinMarketCap had announced an initiative with Data Accountability & Transparency Alliance [DATA] to address the fake trade volume issue.
As part of the collaboration, all exchanges listed on CMC were given a 45-day deadline to send live trading and live order book data to determine liquidity, order book depth, and spreads.
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Source: AMB Crypto

CoinMarketCap Forms New Alliance, Announces Stricter Listing Policy

CoinMarketCap Forms New Alliance, Announces Stricter Listing Policy
CoinMarketCap Data Accountability and Transparency Alliance has already been joined by Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX,, KuCoin, HitBTC and Bitfinex.
CoinMarketCap Forms New Alliance, Announces Stricter Listing Policy

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Source: CoinSpeaker

CoinMarketCap Driven to Increase Transparency; Announces Bitcoin and Ethereum Blockchain Explorer

Coinmarketcap completed six years on 1st May 2019. It was designed and developed in the early phases of Bitcoin and cryptocurrency when there only a handful of Exchanges existed in 2013. Moreover, the volume was considerably low at the time and susceptible to manipulation and sudden movement. Therefore, Coinmarketcap provided with the weighted average of the price of all cryptocurrencies as reported on the Exchanges.
Since then Coinmarketcap has added a lot of features on its website including the Bitcoin’s Dominance, the total market capitalization charts and so on. Moreover, it was not performing the Exchange itself, hence, it was rarely held accountable for any scam or frauds.
Also Read: Binance CEO Reports Why Fake Trading Volume Isn’t Much Coinmarketcap’s Fault
Nevertheless, it came under the radar after recent reports revealed ‘fake reported volumes‘ of Exchanges. The reports estimated that more than 95% of the volume reported on Exchanges in fake and generated by ‘wash trading.’
CoinmarketCap has announced to introduce changes into the system to increase accountability and authenticity of the data.
We are paying close attention to the growing discourse surrounding “fake volumes” of exchanges…. With this in mind, we are delighted to announce that we are working with partners to address this multifaceted issue.”
Data Accountability and Transparency Alliance
As the name suggests, CoinMarketCap seeks to provide greater accountability and transparency in its reports. The alliance includes multiple steps towards achieving its’ goals. Until now CoinMarketCap has been completely neutral in its approach of reporting data.
In the first measure, CoinmarketCap has made the submission of ‘Ongoing live Trade Data’ and ‘Ongoing Live Order Book Data’ mandatory from 14th June 2019. The Exchange which does not comply with the mandatory rule will be delisted from the website.
Moreover, 12 exchanges have already joined the Alliance to lead the data transparency cause: Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX,, KuCoin, HitBTC, Bitfinex, and with many more DATA partners to follow.
Two more stages will be rolled out in the near future. Phase Two and Three include enhanced data metrics and self-reported statistics and analysis from CoinmarketCap.
Blockchain Explorer for Bitcoin (BTC) and Ethereum (ETH)
CMC also announced a blockchain explorer that will provide all the pieces of information from the public ledger of Bitcoin and Ethereum. While price will continue to be an essential metric for cryptocurrencies, this is being included to improve knowledge in the space about transactions on a public ledger.
The blog post noted that:
“… we’ve built our explorers to be cleaner, simpler and more catered towards the general user, rather than focusing on the power tools that they may not require.”
Coinmarketcap (CMC) is one of the most visited websites in the cryptocurrency space which is currently ranked 8th in the finance category for Websites. It is driven to include accountability and transparency which will be beneficial for the entire crypto industry in separating the ‘good from the bad’
Do you think we’ll see a drastic change in data reported by CoinMarketCap or it will more or less be the same? Please share your views with us. 
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Source: CoinGape

Enjin Coin [ENJ] Keeps Surging Over 10 Percent With Binance Adding New Trading Pair

Although today’s crypto market isn’t surprising enough, it shows mixed signal – while few major coins declined swiftly, there’s one coin that stood up higher. Enjin Coin or ENJ becomes the hottest crypto among top 50 coins on Coinmarketcap.
According to the data provided by Coinmarketcap, Enjin Coin has surged by 10.05% over the past 24 hours. The coin has presently entered the zone of 50 and sits at 49th spot in terms of market capitalizations. Nevertheless, it is very close to stepping up IOST and Bittorent coin in average trading volume – as it counts the trading volume of $150,275,084 against IOTA $152,815,591 and Bittorent $157,747,084 respectively.

Image Source – Coinmarketcap
Although the specific reason behind ENJ price surge is not immediately available, the reports are closely indicating rising value with Binance’s new pair listing. As such the coin is trading with major volume at Binance exchange in pairs of ENJ/BTC, ENJ/USDT, ENJ/ETH, and ENJ/BNB.

Image Source – Coinmarketcap
Apart from Binance, few other exchanges where ENJ is getting a trading boost are – Bithumb, Upbit, LATOKEN, Bittrex, and Upbit in trading pairs of ENJ with KRW, ETH, and BTC.
While we see Enjin coin is trading higher at largest cryptocurrency exchange, Binance, it is worth to note that the exchange on April 17, 2019, added a new pair to ENJ coin. As announced, Binance users can now trade ENJ with USDT on Binance exchange – in fact, ENJ/USDT is one of the top trading pairs tradings at Binance exchange.
Founded in 2009 as a blockchain based community gaming platform, Enjin coin on April 16, 2019, announced the launch of blockchain asset supports to its new Ethereum explorer, EnjinX.
What’s your stake on ENJ’s price surge? Let us know in the comment below 
The post Enjin Coin [ENJ] Keeps Surging Over 10 Percent With Binance Adding New Trading Pair appeared first on Coingape.
Source: CoinGape

Bitcoin and Ethereum Trading Volume Reaches Crypto Bull Run Peak Levels

At the start of April, Bitcoin rallied nearly $1,000 in a matter of a little more than an hour. The powerful movement was enough to drag the entire crypto market with it, including the likes of Ethereum, Ripple, and Litecoin.
The rally, which many believe confirm that the bear market bottom is now in due to the first ever cryptocurrency painting a higher high on price charts, saw so much trading volume across Bitcoin and Ethereum, that volume reached levels not witnessed since the peak of the last cryptocurrency bull market.
Is The Bull Run Back? Bitcoin and Ethereum Trading Volume Revisit 2017 Levels
Ever since Bitcoin’s parabolic advance was broken at the tail end of 2017, its all-time high of $20,000 has become a distant memory, and bullish sentiment and general interest has all but left the crypto market. As less investors and traders flocked to the crypto space, trading volumes across top crypto projects has diminished significantly.
Related Reading | Crypto Analyst: Higher High In Bitcoin Price Confirms Bear Market Bottom Is In 
Trading volumes often drop during period of indecision, but volume can also drop as trends begin to lose their steam. It’s not until a major movement occurs, that volumes begin spiking again, often confirming a trend continuation or reversal, depending on which direction the movement goes.
Throughout the 2018-2019 bear market, volume has continually diminished. It began to ramp up during the fall through $6,000, but quickly dropped back to the low levels.
Following the longest bear market for Bitcoin on record, a major trend change occurred during last week’s rally, that took Bitcoin price from resistance at $4,200 to $5,200 in a matter of an hour. The powerful movement also brought with it a significant surge in trading volume, confirming that the move was genuine and that a trend reversal may be a reality. Certain indicators suggest the reversal to be legitimate, but bears have yet to give up as is evident in the latest pullback.

Crypto volume in that latest leg up was as high as in peak 2017 bubble
— Camila Russo (@CamiRusso) April 11, 2019

That surge in trading volume across both Bitcoin and Ethereum, reached levels not seen since back in 2017 when cryptocurrencies went parabolic and took the mainstream public by storm. At the time, a media blitz lured retail investors to cryptocurrency exchanges in droves, seeking to strike it rich from Bitcoin and its altcoin cousins.
Related Reading | Is Over $3 Billion Is Sidelined Waiting to Enter Bitcoin and Altcoins?
It’s worth noting that the data former Bloomberg financial journalist Camila Russo used is from CoinMarketCap, which has recently been put under the microscope due to claims of falsely inflated trading volumes. While there is validity to these claims, the comparison is being made against previous CoinMarketCap data, so the sample data should represent similar levels of trading volume, wash trading included.
Featured image by Shutterstock
The post Bitcoin and Ethereum Trading Volume Reaches Crypto Bull Run Peak Levels appeared first on NewsBTC.
Source: New

Binance CEO Slams CoinMarketCap’s Top Crypto Exchanges on Highest Volume

In a wake of Bitcoin’s rally towards the $5k figure, some little-known cryptocurrency exchanges are showing the highest volume on the graph of Coinmarketcap today. As such, these exchanges sided down the most famous cryptocurrency, Binance. Following Binance’s volume on 8th position and other exchanges on top, CEO CZ mocks by adding ‘Credulity is important’.
Canadian Changpeng Zhao or CZ often presents the most transparent view on aspects revolved around cryptocurrency, regulations, blockchain and unlike. Nevertheless, looking at the disturbed market performance on coinmarketcap that puts Binance on 7th position (at press time) with a market cap $1,034,736,826, CZ says ‘This is getting a little out of hand’. He took to Twitter and states that;

In fact, at the time of reporting, top exchanges holding high volumes are OOOBTC with $1,508,004,988 market cap followed by HitBTC, DigiFinex, Coineal, OKEx, CoinBene and then Binance on 7th spot.
Following the first post in which he highlighted ‘Credibility’ as the essential aspect, CZ posted yet another tweet that says ‘these exchanges are actually hurting themselves’.
it’s a “secret” that I didn’t want to share with them before, lol… But for the health of the industry, we need to let them know they are actually hurting themselves.
As per coingape’s research, the top exchanges that hold the highest volume (OOOBTC, HitBTC, and DigiFinex) shows the major trading towards Litecoin and Ethereum pairing with Bitcoin. To note, OOOBTC which holds the top ranking is up with 500% over the past 24 hours and the volume graph is strictly moving up within a period of 7 days.

Nonetheless, it’s worth to add Bitwise’s report on Coinmaketcap that says except few famous crypto exchanges, CMC contains a number of unregulated exchanges that apparently portraying major trading volume to manipulate the market sentiment.
Although, CMC is on its way to increase the metrics of ranking, it is still unclear when and how – stay tuned with Coinpage for more details.
The post Binance CEO Slams CoinMarketCap’s Top Crypto Exchanges on Highest Volume appeared first on Coingape.
Source: CoinGape

Binance CEO Reports Why Fake Trading Volume Isn’t Much Coinmarketcap’s Fault

One of the major concerns of many crypto traders today is ‘when will Coinmarketcap (CMC) finally alter and improve its metrics’. As seen recently, Bitwise report shared analysis on Coinmarketcap which claims 95% of CMC’s BTC volume is fake. Addressing the similar topic, CZ, CEO of the world’s largest cryptocurrency exchange, Binance states that ‘its, not so much Coinmarketcap’s fault’.
Not So Much Coinmarketcap’s Fault
In the latest interview with news media,  Changpeng Zhao (CZ), CEO of Binance explained what went wrong with the case of Coinmarketcap. Claiming his own exchange as the realistic and transparent trading platform, CZ said that ‘it’s not so much Coinmarketcap’s fault’.
He says that Coinmarketcap or CMC follows simple mechanism, when there’s a project/exchange requesting them to list it on CMC, they show their data. This indicates that there are many poorly regulated or unregulated trading platforms which must be displayed with more transparent and realistic features. Although he doesn’t seem to defend the Coinmarketcap, rather he explained with a simple instance of listing any project on Binance exchange and how the project fights back if Binance denies listing them.
Explaining that he says;
Binance crypto trading volume is very solid and is very real. I think, basically, in the industry, the more reports like this, the better, the more transparency, the more data use, the better. It’s not so much coinmarketcap’s fault, CZ said adding that because CMC is very simple reporting mechanism where every exchange reports their own data to them and they just show it.
CoinMarketCap Reveals Three Upcoming Features
As for Coinmarketcap official reporting is a concern, they hint three major aspects that its team is working on. These include Liquidity measures, Cold/Hot Wallet balances, Traffic Data to show users on its platform. Moreover, the official email reads that;
The best way to mitigate the issue is to give users more control over their experience while using CMC. Giving them the tools to create custom views and filter through the data in a way that is most relevant to them will be a giant step in the right direction.
What Role Does Binance Play in Solving these Issues?
Most exchanges depend on CMC to give them internal traffic to a very large extent. CZ hints that Binance has already sent a few key ideas to CMC to crack down the issue. Additionally, he also says that he works very closely with Coinmarketcap guy and looking to resolve these issues collectively. He says;
We do have the role to play, said CZ while explaining what role does Binance play. It’s not that we’re not working on it, Binance is very solid volume exchange, and we don’t exhibit any bad behavior. We do try to encourage transparency in the industry. We cannot really do worldwide is an exchange, we cannot be attacking the other exchanges.
Nevertheless, Binance shared them the number of ideas but whether to do it or not or how they do it is really up to them, said CZ. He further stated that It’s not easy to solve the issue, it’s difficult when it comes to implementation. Just to remind, CZ earlier also responded to a tweet that mocks Coinmarketcap on this issue. As a response he said; I challenge you to do (not talk) better!

Have u thought about how much effort CMC team put in to build @CoinMarketCap? And the value they contributed to our space? Just one glitch in data (from a 3rd party source) doesn’t erase that. Look at people’s credits.
I challenge you to do (not talk) better!
— CZ Binance (@cz_binance) March 6, 2019

What do you think the best practice Coinmarketcap should implement? share your thoughts with us
The post Binance CEO Reports Why Fake Trading Volume Isn’t Much Coinmarketcap’s Fault appeared first on Coingape.
Source: CoinGape

CoinMarketCap responds to inaccurate data allegations; says such concerns are valid

CoinMarketCap, one of the prominent aggregators of cryptocurrency market data, was recently accused of manipulating trading volume. CoinMarketCap responded by stating that concerns over inaccuracies “were valid” and that it would be adding more data for its users to make better decisions.
CoinMarketCap is one of the top 500 most-visited websites, and is popular among crypto users for information regarding crypto prices, exchange volume, market cap, and rankings. However, a report published by Bitwise on 20 March suggested that the site’s “data was wrong”. The Bitwise report claimed that about 95% of Bitcoin’s exchange trading volume listed on CoinMarketCap was fake or non-economic in nature, “thereby giving a fundamentally mistaken impression of the true size and nature of the Bitcoin market”.
The crypto data aggregator site has notable influence over the cryptocurrency ecosystem, including the prices of cryptos. In early 2018, when CoinMarketCap removed numerous South Korean exchanges from its price calculations, a sharp fall in most cryptocurrencies’ prices was recorded, reported Bloomberg.
The trading volume of the popular website is in question yet again, and it has planned to fix the problem by including a set of new tools to offer more transparency in trading, said Carylyne Chan, the Global Head of Marketing at CoinMarketCap, in an email to Bloomberg News.
Chan gave examples of liquidity measures, hot and cold wallet balances, and traffic data for listed exchanges. She added,
“For instance, if an exchange with low traffic has $300M volume and just 5 BTC in its wallet, users will be able to draw their own conclusions without the need for us to make arbitrary judgment calls on what is ’good’ or ’bad,’” Chan said. “We want to state that our philosophy is to provide as much information as possible to our users, so that they can form their own conclusions and interpretations –- and not introduce our own bias into that mix.”
CoinMarketCap will be making a series of changes in response to concerns about fake trading volumes. In July 2018, the website said it removed volume requirements for exchanges to be listed, along with the introduction of seven-day and 30-day volume. It also started listing the date of establishment of exchanges to help users.
In response to people’s concerns, CoinMarketCap responded,

Source: Twitter
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Source: AMB Crypto

Bitwise: 95% Of Reported Bitcoin Trading Volume Is Fake

Bitwise: 95% Of Reported Bitcoin Trading Volume Is Fake
While many use CoinMarketCap as a go-to resource for cryptocurrency market data, roughly 95% of Bitcoin trading volume reported by this website is fake, according to Bitwise Asset Management report.
Bitwise: 95% Of Reported Bitcoin Trading Volume Is Fake

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Source: CoinSpeaker

Bitwise’s report to SEC suggests unregulated crypto exchanges fake 95% of Bitcoin [BTC] trading volume

Bitwise Asset management is in the news after it informed the United States’ Securities and Exchange Commission [SEC] that 95 percent of Bitcoin [BTC] trading volume reported by unregulated cryptocurrency exchanges were fake or non-economic in nature.
The report dated 20 March was submitted to the SEC in line with a rule change as part of their application to launch a Bitcoin Exchange Traded Fund [ETF]. Bitwise’s proposal is yet to receive any response from the SEC.
Data for 81 exchanges recording a trading volume of more than $1 million per day were included in the study. Using exchange data from CoinMarketCap, Bitwise argued,
“Despite its widespread use, the data is wrong. It includes a large amount of fake and/or non-economic trading volume, thereby giving a fundamentally mistaken impression of the true size and nature of the bitcoin market.”
According to the analysis, the per day Bitcoin trading volume accounted for about $6 billion, in terms of spot markets. However, this figure is misleading, the report said. It adds,
“The vast majority of this reported volume is fake and/or non-economic wash trading.”
This “vast majority” accounts for approximately 95% of the total volume. Bitcoin’s actual market, if the wash trading is not accounted for, is lot smaller, orderly and more regulated than is actually reported.
Bitwise juxtaposed the workings of Coinbase Pro, which they deemed a “real exchange,” and CoinBene, the exchange with the highest BTC volume and deemed a “suspicious exchange.” The former reported $27 million in BTC volume on a per day basis, when compared to the $480 million daily BTC volume recorded on CoinBene.
The report compared the two exchanges’ trade printing on their respective website, web traffic and real-world footprint, suggesting that there was a lack of clarity with exchanges like CoinBene, compared to regulated ones like Coinbase Pro.
“It is surprising that an exchange claiming 18x more volume than Coinbase Pro would have a spread that is 3400x larger.”
On analyzing the hourly candlesticks of “suspicious exchanges,” Bitwise noted that the arrangement and sizes were fairly consistent and hence, did not depict real-time activity. The report cited the example of CHAOEX, which poses an average daily volume of $70 million and indicates a monotonic chart i.e. showing identical volume valuations every hour of the day.
“This volume pattern is insensitive to price movements, news, waking hours, weekends, or other real world factors.”
Despite the false trading volumes, the Bitcoin market “was uniquely resistant to market manipulation,” the report said.  It argued that the market was structured in such a way that outlier coins and unregulated exchanges cannot exert unnecessary control on the collective coin market.
“We have demonstrated that the bitcoin market is an extremely well-arbitraged market, with a proven ability to ignore outlier prices, and that both the fundamental market structure and our specific NAV calculation methodology provide unique protections against potential efforts to manipulate that market.”
Coincidentally, the Bitwise report comes in the same week as a report from The Tie, which stated that some exchanges faked trading volume to attract users to their platform. The main culprits here were BitMAX, LBank, BW, and ZBG. According to the findings, the expected volume of these exchanges was less than 1 percent of their reported volumes.
Several cryptocurrency proponents praised Bitwise’s report and its findings. Anthony Pompliano, the Co-founder and Managing Partner at Morgan Creek Digital stated,
“This report is really important. Please read it.
I couldn’t be more proud to be an investor in @HHorsley @Matt_Hougan @teddyfuse @martha_shear and @BitwiseInvest today”
Jeremy Allaire, the Co-founder and CEO of Circle stated that a report like this was an important precursor for the crypto-market to go mainstream,
“Great work from @BitwiseInvest helping the market understand what’s real and what’s fake. If we want crypto capital markets to go mainstream we need data investors can believe in.”
Tushar Jain, the Managing Partner at MultiCoinCap suggested action against CoinMarketCap,
“This excellent research from Bitwise shows how @CoinMarketCap is completely (and perhaps deliberately) misleading users on exchange volumes. This atrocious behavior from CoinMarketCap deserves some attention from law enforcement.”
The post Bitwise’s report to SEC suggests unregulated crypto exchanges fake 95% of Bitcoin [BTC] trading volume appeared first on AMBCrypto.
Source: AMB Crypto

Nasdaq, Bloomberg and Reuters Add CoinMarketCap Crypto Indices

Nasdaq, Bloomberg and Reuters Add CoinMarketCap Crypto Indices
Two CoinMarketCap’s crypto benchmark indices have been launched on its platform as well as on the leading financial data feeds.
Nasdaq, Bloomberg and Reuters Add CoinMarketCap Crypto Indices

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Source: CoinSpeaker

CoinMarketCap Crypto Indices Can be Licensed to Build Products; NASDAQ and Bloomberg to Provide Authentication

In a bid to improvise on data analytics and authentication of its statistic, has introduced two new crypto indices on NASDAQ GIDS, Bloomberg Terminals, Thomson Reuters Eikon (Refinitiv), and Börse Stuttgart.
Solactive AG, a German Index Provider, will administer the indices. Solactive AG was also the administrator and facilitator of the Bitcoin Futures contract introduced by CBOE in December 2017.
“We are excited to launch and share these indices with the market,” says Brandon Chez, CEO of CoinMarketCap, “These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format. In partnership with Solactive, our chosen index administrator, we hope these professionally-calculated indices will serve to expand the reach of cryptocurrencies into the larger financial markets.”
Details of the Indices
Recently, coinmarketcap had weighted 200 cryptocurrencies on a variety of parameters and also rated them accordingly. The two indices are CMC Crypto 200 Index (CMC200), which includes Bitcoin, primarily covers more than 90% of the global cryptocurrency market. Another index excluding Bitcoin, CMC Crypto 200 ex BTC Index (CMC200EX).
The ticker symbols on Bloomberg are CMC 200 Index and CMC 200EX Index. Similarly, on the RIC code, it is .CMC200 and .CMC200EX.
Rebalancing of Indices
An exciting addition to the indexes is the rebalancing condition that will be administered by Solactive AG. The process would involve reassigning different degrees of weighage to cryptocurrencies after each quarter, i.e., for example, if XRP has been given 10% weightage for one quarter, it can be ‘rebalanced’ to 5% or even 20%.
“We are very proud to be chosen as CMC’s index provider of choice in this exciting journey,” expresses Fabian Colin, Head of Sales at Solactive. “The ability to access CoinMarketCap data gives us the opportunity to develop custom indices for new clients.”
Coinmarketcap is the leader in calculating coin metrics. It has been a trendsetter for some parameters like market capitalization, Bitcoin dominance, circulating supply and so on. Since the indices would be tracked on esteemed Financial platforms like Bloomberg and NASDAQ, it provides informal certification to the statistic on coinmarketcap.
The indices can also be licensed by other institutions who seek to use the data for information purposes or build an actual product on it.
The post CoinMarketCap Crypto Indices Can be Licensed to Build Products; NASDAQ and Bloomberg to Provide Authentication appeared first on Coingape.
Source: CoinGape

Flipside Letter Grades Break into the Mainstream Featuring on CoinMarketCap

Flipside Letter Grades Break into the Mainstream Featuring on CoinMarketCap
CoinMarketCap features Flipside crypto asset letter grades. With this move, online publishers will enable users to determine how digital assets keep evolving in real time in an enhanced transparent environment.
Flipside Letter Grades Break into the Mainstream Featuring on CoinMarketCap

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Source: CoinSpeaker

Bitcoin [BTC]: Binance’s CZ defends CoinMarketCap against market manipulation allegations

The cryptocurrency market soared on March 5, with the prices of many cryptocurrencies shooting up. However, the crypto community was shocked by Bitcoin [BTC]’s sudden 5.44% drop.
Reports stated that CoinMarketCap, a prominent cryptocurrency listing website that contains information on more than 2,000 digital assets, inaccurately displayed the price of the world’s largest cryptocurrency, BTC.
According to, the glitch was reported by a Reddit user on the subreddit thread r/CryptoCurrency. The user reported the issue when the price of Bitcoin [BTC] sharply declined, despite the collective coin market surging.
The bug in question reportedly impacted only desktop users of CMC as the application was displaying accurate data on iPhones and other platforms.
The news snowballed into Twitter users alleging that CMC was manipulating the market by showing the incorrect price of BTC on purpose. However, the CEO of Binance, CZ, defended the website. Pointing out the fact that the glitch was fixed immediately, CZ said that it did not erase the project’s contribution to the crypto-space.
Source: Twitter
CZ later added in his comments,
“Have u thought about how much effort CMC team put in to build @CoinMarketCap? And the value they contributed to our space? Just one glitch in data (from a 3rd party source) doesn’t erase that. Look at people’s credits. I challenge you to do (not talk) better!”
CoinMarketCap had previously been accused of reporting fake trading volumes. Many have claimed that some exchanges exaggerate their volumes by a massive 95% due to ‘wash trading,’ resulting in the formation of a project called ‘Honest CoinMarketCap’. This particular application worked towards providing the true picture of global trading activities.
However, soon after the glitch was discovered, CMC addressed the problem and designed new tools to detect such attempts of ‘wash trading’ and artificially inflating trading volumes.
The post Bitcoin [BTC]: Binance’s CZ defends CoinMarketCap against market manipulation allegations appeared first on AMBCrypto.
Source: AMB Crypto