Bitfinex to Launch USDT Markets for BTC & ETH

Bitfinex reports new markets are launched as part of an exchange strategy to implement differentiated trading strategies
11 March 2019   667

Hong Kong BitFinex Cryptocurrency Exchange announced the launch of the first cryptocurrency trading pairs with USDT. The new BTC/USDЕ and ETH/USDЕ pairs are available for trading under the BTCUST tickers for Bitcoin and ETHUST for the Ethereum.

In a statement, Bitfinex says that new markets are launched as part of an exchange strategy to implement differentiated trading strategies and are aimed at “simplifying and optimizing the capabilities of interbash market-making in pairs with USDT”.

Up until today, Bitfinex offered USDT trading only against the US dollar, including with the leverage. The corresponding option was added in December 2018.

Recall that last week, the Tether Stablecoin Issuer and the developer of the Tron protocol announced a partnership, under which the USDT token will be launched on the Tron blockchain. The new asset will join the Tether family of steblokoins on Bitcoin and Ethereum blockchains.

Fake Trading Share to Reach 68%, - FTX Global

This figure, however, is significantly lower than what Bitwise's report and the discrepancy is explained by the difference in methodology
04 July 2019   978

The exchange of derivatives FTX Global and Alameda Research conducted a study that estimated the volumes of fictitious transactions (wash trades), presumably prevailing in many cryptocurrency exchanges.

The report says that 68.6% of trading volumes displayed by CoinMarketCap are fake. This figure, however, is significantly lower than what Bitwise Asset Management announced in March.

The discrepancy between the results in almost 30% of the authors of the new study is explained by the difference in methodology. So, FTX Global is sure that Bitwise used an too strict approach to data analysis, which is why a significant proportion of real trading volumes fell into the category of fake ones.

While our methods are not foolproof, we believe they paint the most accurate picture of the true nature of cryptocurrency trading volume that anyone has made publicly available as of yet.
 

FTX Global Team

The Alameda methodology involves verifying the authenticity of data on trading volumes on various exchanges based on six different parameters, including manual verification of information and comparison of order books.

FTX Global Website
FTX Global Website

In particular, the experts found out that some sites provided data on the volumes of foreign exchanges for their own, with a slight delay in time. Other platforms used more advanced techniques - for example, they introduced large fake volumes only against the background of many smaller orders, thus trying to hide the true state of affairs.

The main purpose of these tactics is to raise the platform higher in the CoinMarketCap rating, creating a false impression of its liquidity. It also sometimes allows for the ability to charge a higher listing fee.