A Bitcoin whale said several exchanges are forging numbers, including Binance.
Surely everyone knows the cryptocurrency market is rife with wash trade. In fact, most cryptocurrency transactions are fake. According to some estimates by BitWise, about 95% of the transactions were forged last year. In particular, Binance is often considered to be the leading exchange among real-volume exchanges. Recently, however, Bitcoin whales have been protesting.
Therefore, his recent comment is even more shocking. In a discussion of Facebook's latest scandal regarding the rising viewership, Joe007 was surprised. He thinks "only exchanges like Binance, Okex and Huobi can fake the data". This comment surprised everyone.
“Here I think only exchanges like Binance, OKex and Huobi can fake the data. Oh, I guess the traders who depend on these forged liquidity exchanges will learn a lifetime lesson ... ”
While Huobi and especially OKex are famous for washing transactions, Binance is arguably a bit more honest than the rest. CoinMarketCap shows that Binance has a daily trading volume of $ 1.2 billion at the time of writing. However, according to Bitwise's actual data, Binance's trading volume is about 735 million dollars. Although there are differences, but not to the point of being compared to OKEx or Huobi.
It should be noted that Bitfinex (which is the exchange that Joe007 chose) is also inaccurate in terms of trading volume. The actual trading volume is about $ 88.6 million, while the platform claims it has $ 118 million at the time of writing.
Maybe Joe007 knows things we all don't know, but Binance is not the worst exchange for fake data. However, sometimes Binance involves controversial activities. For example, an insider trading complaint, when XRP was added to the futures market. Although Binance has vehemently denied this request, the issue has not been resolved.
10/01/2020
