Connect with us

News

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

Namrata Shukla

Published

on

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

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.

Source: Blockchaintransparency.org

Source: Blockchaintransparency.org

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.

Source: Blockchaintransparency.org

Source: Blockchaintransparency.org

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.

Source: Blockchaintransparency.org

Source: Blockchaintransparency.org

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.

Altcoins

Tron-based USDT: Huobi Global, OKEx and Gate.io announce support for new TRC-20-based Tether

Febin Jose

Published

on

Source: Pixabay

Tron Foundation’s relentless push for mass adoption received a major boost recently when Justin Sun, the Foundation’s Chief Executive Officer, announced their partnership with Tether [USDT] to create new stablecoin. The partnership would essentially bring USDT on the Tron blockchain, making transactions faster and free-of-cost, while also improving the use-cases of the stablecoin.

Three major exchanges have now announced support for the Tron-based version of Tether, further bolstering its position in the market. Singapore-based exchange Huobi Global, Malta-based exchange OKEx, and Gate.io, a blockchain assets exchange platform, announced in separate press releases that they will be supporting the new version of Tether.

Source: Twitter

Source: Twitter

Source: Twitter

Source: Twitter

 

 

 

 

 

 

 

 

The TRX-USDT partnership was announced in early March in an effort to bring in a TRC-20-based USDT into the crypto-market. The ‘improved’ coin would stick to the technical token standards maintained by the Tron blockchain and would be interoperable with all Tron-based DApps and protocols.

In their respective press releases, Huobi Global and OKEx stated that the decision was fueled by strong user demand for inclusion of a full-spectrum of stablecoin trading. The exchanges also made it clear that there would now be three different protocol versions of USDT on their platforms: the Bitcoin network-based USDT-Omni, Ethereum-powered USDT-ERC-20, and the new USDT-Tron.

Though the exchanges are some of the world’s largest in terms of trading volume, Tron Foundation had earlier said that the TRX-USDT version was made primarily for Tron-powered Decentralized Exchanges [DEX].



Recently, Tron Foundation also announced an incentive scheme exclusively for TRX-USDT holders. The $20-million incentive plan included the addition of a 20% initial Annual Percentage Rate [APR] for holding the cryptocurrency, which was significantly higher than its prime competition, the USDT-Omni. The plan also announced a scheme spanning over 100 days where USDT-TRX holders would be rewarded more USDT-TRX.

Tron’s DApp program and BitTorrent Token [BTT] launch also saw huge success this year, leading to a temporary surge in the token’s price before a bearish market ensued. On March 17, TRX registered a transaction volume that was five times more than the cumulative transaction volume of its closest competitors ETH and EOS. The transaction volume during this move was recorded to be over $100 million.

Continue Reading

Analysis

Ethereum [ETH/USD] Price Analysis: Coin bids adieu to bull market as bears take over

Priya

Published

on

By

Ethereum [ETH/USD] Price Analysis: Coin bids adieu to the bull market as bears take over
Source: Unsplash

Ethereum [ETH], the second largest cryptocurrency by market cap, indicated the presence of both the bull and the bear. According to CoinMarketCap, the cryptocurrency was trading at $136.39 with a market cap of $14.36 billion, at press time. The coin displayed a trading volume of $5.06 billion, and a rise of 1.47 percentage in the past seven days. The coin also dropped by 2.79 percentage in the last 24 hours.

1-hour

Ethereum [ETH] one-hour price chart | Source: Trading View

Ethereum [ETH] one-hour price chart | Source: TradingView

In the one-hour chart, the cryptocurrency demonstrated downtrends from $142.52 to $138.83, and from $138.43 to $134.85. The uptrend for the coin was outlined from $132.91 to $134.49.

The coin’s immediate resistance was pictured at $138.94, and strong resistance was laid at $140.21. The immediate support for the cryptocurrency was found at $132.75, and there was strong support at $130.69.

Parabolic SAR indicated a bullish market for the coin as the dotted lines were below the candlesticks.

Chaikin Money Flow forecast the opposite, as the money flow took the exit route.

Bollinger Bands diverged, suggesting some volatility and price movement for the coin.

1-day

Ethereum [ETH] one-day price chart | Source: Trading View

Ethereum [ETH] one-day price chart | Source: TradingView

In the one-day chart, the downtrends were displayed from $218.66 to $157.56, and further from $157.55 to $138.72. The first uptrend for the currency was drawn from $82.92 to $103.22, while the second extended from $103.22 to $134.41.

The immediate resistance for the cryptocurrency was at $140.53, and strong resistance was at $157.60. The coin’s immediate support was at $125.09, and strong support was seen at $103.13 and $82.79.

Klinger Oscillator showed that the bull was losing out as the reading line was pictured below the signal line after a crossover.

RSI indicated that the buying pressure and selling pressure for the cryptocurrency evened each other out.

MACD forecast the bear’s position to be well ahead of the bull, as the moving average line dipped below the signal line right after a crossover.



Conclusion

The market suggested a strong bearish presence for the cryptocurrency, and a fading bullish presence. This was attributed to the MACD and Klinger Oscillator from the one-day chart, and CMF from one-day chart siding with the bear.

Continue Reading

Trending