Bobby Ong, co-founder of CoinGecko, the cryptocurrency price tracking and data platform, said that wash trading, which was made in the cryptocurrency market, expressing fraudulent transactions has worsened.
Wash trading is a method used to manipulate markets and inflate volume. In this method, a false transaction volume is generated by taking the sales order from the person who opened the order and attracting other investors.
In an interview with Block TV, Ong said market manipulation continued unabated and the only way to have clean data in cryptocurrency volumes was through regulated exchanges.
Ong said: "I would say the situation is really getting worse. Spot market trading volume is no longer used as an almost reliable resource. There are a lot of ridiculous stock markets that only do wash trading. If you really want to reach the actual 24-hour trading volume, I think the only way to do that is to look at the volumes of regulated exchanges in countries like the United States and Japan. (Coinbase, Gemini etc.) We do not know how much of the trading volumes of the remaining exchanges in the unregulated area were done with wash trading or not. It's hard to tell which is real or not.” was in the form.
Blockchain Transparency Institute (BTI) regularly examines the wash trade rates of cryptocurrency exchanges and exchanges with a wash trade rate of 10% or less are approved by the Institude. According to the BTI's latest report, there are only 16 exchanges with a wash trade rate of less than 10%. These are:
(Sort by daily volumes)
According to BTI, the most wash traded exchanges with rates above 70%, are; Okex, HitBTC, Bibox and Bithumb.