This issue has become one of quite a stir in the crypto ecosystem, and has meant a reputational problem for the leading cryptocurrency.
It all started after the indexed fund provider, Bitwise, issued a report stating that the vast majority of Bitcoin transaction volume data has been manipulated by exchanges.
As a result of this situation, data sources have had to implement measures to adjust the information offered, mainly to the volume.
Below is a graph comparing the daily transaction volume offered by 3 different data providers, during the month of November. The yellow line corresponds to Messari, in Nomics blue, and CoinMarketCap gray. The first two sources offered real data thanks to the adjustment made, while the 3rd did not do the same.
The big difference is due to the fact that those who show little volume have transparency filters to show this data; CoinMarketCap does not do it this way.
Messari includes the 10 exchanges described as transparent in the BitWise report, to calculate the average daily volume; while Nomics uses the data provided by 32 exchanges with a high score in its transparency index.
Investigations are not entirely accurate; the volume of transactions remains uncertain
The report that has generated the still valid debate topic, was made in the framework of the Bitwise application for a publicly traded cryptocurrency ETF.
The SEC responded to the controversial report; notes that exchanges excluded due to lack of transparency are likely to support part of their commercial activity, this being a gap that the applicant admitted.
The Securities and Exchange Commission (SEC) specifies that they should not be branded as manipulators to South Korean exchanges such as HitBTC, Huobi, OKEx, among others, as they all suffer from the capital controls that exist in their country of origin. Despite this, the volume of Bitcoin provided by Nomics, does include HitBTC as part of the sample analyzed.
The reason why these exchanges should not be excluded is because of the great liquidity that exists in them; however, the strong controls by the state end up causing a situation of uncertainty, where the data exposed by the exchanges end up being questioned, more if we take into account the importance of these in the current marketing strategies.
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