Bithumb to Comment Faking Accusations

Bithumb team stated that all these accusations are baseless
20 December 2018   919

CER analytical service accused the South Korean cryptobirge Bithumb of falsifying trading volumes. However, representatives of the platform deny these accusations, Forbes reports.

Judging from our multifaceted investigation on Bithumb charts we see the signs of trade volumes manipulations, specifically, wash trading. Having calculated Price-Volume Correlation we came to conclusion that the trade volume performance is not linked to price fluctuation on the exchange.

Gleb Myrko

Marketing lead, CER

In September, Bithumb ranked first in the CoinMarketCap ranking in terms of trading volume. Then the average daily turnover of the South Korean exchange was $ 350 million. On November 11, Bithumb users made deals in the amount of $ 4.4 billion, which is 12 times more than the September figures. At the moment, according to CoinMarketCap, the average daily trading volume on the exchange is $ 2.5 billion.

CER specialists studied the data of the CoinMarketCap resource and came to the conclusion that Bithumb creates artificial activity on the platform, thus overstituting the trading volumes. CER also states that the dynamics of trading volumes are in no way connected with price fluctuations on the exchange.

Researchers also found suspicious activity on the stock exchange in the first minutes of the start of the working day. Transactions made at this time accounted for 95% of the total daily trading volume.

In turn, the Bithumb team stated that all these accusations are baseless.

Bithumb is doing nothing to inflate trading volume. Bithumb is not selling mining-based coin. Bithumb is trying to get more customers by providing various promotions just like any other company in the world as a normal business.

Bithumb Team

CER experts have promised to publish a full study to prove Bithumb’s fraudulent actions.

Note that in August, analysts at the Blockchain Transparency Institute announced that cryptocurrency exchanges overstate trading volumes by $ 6 billion daily.

CFTC to Approve LedgerX's Deliverable BTC Futures

At the same time, another platforms such as Bakkt, ErisX and Seed CX still awaiting regulatory approval
26 June 2019   65

Cryptocurrency derivatives provider LedgerX LLC has received a license from the Authorized Derivatives Market (DCM) from the US Commodity Futures Trading Commission (CFTC), which will allow it to launch the country's first bitcoin futures.

Deliveries for deliverable futures are made in the underlying asset, not in fiat funds. Thus, LedgerX outstripped the Bakkt, ErisX and Seed CX platforms, which are still awaiting regulatory approval.

At the same time, LedgerX intends to launch the Omni platform for trading options, swaps, and bitcoin futures for retail investors, since at the moment it does not see enough interest from institutional market participants.

However, it should be added that some experts have already expressed fears that the nature of the license received will not allow LedgerX to provide margin tools to customers, and Bakkt should have such functionality.

Recall about the intentions to obtain the appropriate permission and overtake competitors LedgerX said in April.