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Taking a closer look at order book data shows Bitfinex has the best liquidity, and just how widespread wash trading is
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Quick Take
- New findings from Coinpaprika show the probability of wash trading across exchanges
- Surprisingly, the findings — which examine order book data — show wash trading likely exists even the exchanges vetted by Bitwise
- The least likely exchanges to fake volumes are itBit, CEX.io, Bitfinex, Luno and Indodax
- Bitfinex was found to be the most liquid exchange, followed by HitBTC, Coinbase and Kraken
It’s an open secret that the overwhelming majority of cryptocurrency trading volumes are fake. Some estimates for the percentage of erroneous volumes top 90%. Notably, crypto asset manager Bitwise submitted a report to the Securities and Exchange Commission which concluded that only 5% of the $6 billion in reported cryptocurrency volumes was legitimate activity. The […]
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