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

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CoinMarketCap's Luke Wagman says, "you can't just nuke exchanges providing fake trade volumes from the website"
Source: Pixabay

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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Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

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Binance coin [BNB] registers ATH as it surges by over 16,000% since inception
Source: Pixabay

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.

Source: Trading view

Source: Trading view

Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.



Source: CoinMarketCap

Source: CoinMarketCap

In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.

BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.





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