Crypto market data resource platform CoinMarketCap (CMC) announced on Twitter on March 25, found promise in exchange after false evidence transactions, an adjusted ranking of the Exchange.
CMC is arguably the industry’s best-known market data service provider, tracking cryptocurrencies such as Bitcoin (BTC) and the activity data of the exchanges that trade them.
However, last week’s study from the cryptocurrency index fund Bitwise said that most of CMC’s data is not true, and 95% of its BTC trading volume is false and comes from an unregulated trading platform. Bitwise explained in the report that this, in turn, would deceive investors and exaggerate the impact of the corresponding cryptocurrency.
Clearly, CMC has noticed the warnings in the study because Bitwise sent it to regulators in the US as part of its application to launch a Bitcoin exchange-traded fund (ETF).
CMC executives said on Twitter, “We are listening to feedback from all users, and we are working hard to add a new set of metrics so that users can get a more complete understanding of exchanges and cryptocurrencies.”
At the same time, Carylyne Chan, CMC’s global marketing director, accepted an interview with Bloomberg and revealed the site’s future plans for the exchange.
“For example, if a low-traffic exchange has $300 million in trading volume but only five BTCs in its wallet, then users will be able to draw their own conclusions without us having to make any judgment.”
