Only 10 out of 85 cryptocurrency exchanges do not lie about their trading volumes - Bitwise

Bitwise prepared extensive research on cryptocurrency exchanges.
The vast majority of trading platforms overstate their statistical data.

Tanya Abrosimova Independent Analyst

Bitwise Asset Management filed a report with the US Securities and Exchange Commission (SEC). The company researched 83 cryptocurrency exchanges, analyzed their trading volumes, the correlation between CME Bitcoin futures and spot prices as well as the share of arbitrage.

"It's a 104-page white paper expanding on our March 2019 presentation. It examines 83 exchanges for fake volume, the tight relationship of CME futures & spot, and rapid arbitrage," the company announced in its Twitter account.

Thus, the experts noted that in reality, the Bitcoin spot market is much smaller than expected, more regulated and more efficient. Moreover, the state of the market has improved significantly since the beginning of 2018.

Earlier this year Bitwise said that 95% of all trading volumes on unregulated exchanges are fake and deprived of any economic sense.
Only 10 out of 83 cryptocurrency exchanges passed Bitwise test. Basically, it means that only these platforms - Binance, Bitfinex, Coinbase, Kraken, Bitstamp, bitFlyer, Gemini, itBit, Bittrex and Poloniex - do not overstate their trading volumes.

It is worth noting that the research did not cover the South Korean cryptocurrency exchanges. The company explained it by the fact that the trading volumes of those platforms stand out from the rest.

Author

Tanya Abrosimova

Independent Analyst

Ripple nears lifeline support as macro risks intensify

Ripple continues to face significant selling pressure, sliding below $1.10 at the time of writing on Wednesday. This decline mirrors the broader weakness in the crypto market, exacerbated by mounting macroeconomic headwinds and persistent geopolitical uncertainties.

Crypto Today: Bitcoin, Ethereum, XRP trade under pressure as September Fed rate-hike odds increase

Bitcoin is trading between $62,000 and $63,000 at the time of writing on Wednesday, weighed down by headwinds stemming from macroeconomic uncertainty and geopolitical tensions in the Middle East, especially as the US and Iran continue to offer conflicting accounts of the nuclear discussions.

Cardano vulnerable to deeper losses amid SecondFi exploit

Cardano price hovers below $0.1500 at press time on Wednesday, extending a refreshed bearish impulse move of over 20% in the last nine days. The exploitation of the Cardano ecosystem’s SecondFi wallet-generation software, resulting in a loss of about 16 million ADA, weighs on retail strength.

Bitcoin struggles as institutional demand remains weak

Bitcoin remains under pressure, trading around $62,700 on Wednesday after losing 2% the previous day. Persistent institutional selling, with spot Exchange Traded Funds (ETFs) recording outflows on Tuesday, continues to weigh on BTC.

Bitcoin: Recovery hopes fade after the Fed spoils the party

Bitcoin (BTC) is set to end the week in the red, trading near the 200-Week Simple Moving Average (SMA) at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds (ETFs) point to a sixth consecutive week of outflows.