CoinMarketCap will remove exchanges from Calculations if needful Data not provided
- Many exchanges join the new alliance disclosed by CMC.
- The crypto exchanges are expected to provide mandatory API data.
Crypto market cap tracker CryptoMarketCap (CMC) announced in its blog post on May 1st that the company will remove all exchanges from its calculations if they do not provide mandatory data by June. CoinMarketCap is a major source of data about all traded digital currencies.
CMC disclosed its brand new alliance called the Data Accountability & Transparency Alliance (DATA) to provide “greater transparency, accountability, and disclosure from projects in the crypto space.”
The crypto exchanges are expected to provide mandatory API data which holds their live trading data and live order book data. CMC mentions that exchanges failing to provide the data will not be included in the price and adjusted volume calculations on the site. The exchanges get a grace period of 45 days to do the needful.
The alliance is already joined by a number of exchanges like Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC, and Bitfinex. The number is expected to grow in the future.
CryptoMarketCap also announced new features like CoinMarketCap Block Explorers, CoinMarketCap Shop, API Revised Plans and CoinMarketCap Mobile Apps.
The announcement was followed after a controversy regarding CMC’s volume statistics. Around 95% of the volume on unregulated exchanges were most likely to be fake or non-economic in nature as suggested by a research done by crypto index fund provider Bitwise Asset Management.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
