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

Ajay Narayan

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

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

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

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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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

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HitBTC responds to allegations of insolvency, refutes claims made by Redditors

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HitBTC responds to allegations of insolvency
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HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:



“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”





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