CoinMarketCap Removes Volume Requirement for Cryptocurrency Exchanges

Crypto News | Latest News

CoinMarketCap, the cryptocurrency data aggregation site, recently removed their volume requirements for crypto exchange listings on their platform, citing data transparency and clarity concerns.

The giant cryptocurrency portal made the announcement on their blog post today, which responded to criticism that cryptocurrency exchanges have been gaming their statistical algorithms in order to get listed more easily and rank higher. This leads to more visibility and prestige among newer exchanges.

Many users have long complained that newer cryptocurrency exchanges inflate their volumes by utilizing a low fee model. This encourages traders to increase activity by using bots or taking advantage of the low cost per trade fees.

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Some exchanges have been accused of more questionable methods of increasing their volume through “exchange operated market-making services” or other unscrupulous methods known as washed trading.

Another recent volume enhancing scheme is known as “transaction mining”. This crypto exchange model charges the user a transaction fee, however indirectly refunds them by issuing their own tokens. This method has become popular among many trading platforms that now rank towards the top of the CoinMarketCap daily volume charts.

CMC stated that rather than censoring these exchanges, they will attempt to over provide more data and tools to analyze these conditions so that individuals have the ability to reach an informed decision on their own.

These newer tools include the ability to view an exchanges volume over a longer period of time other than the typical 24 hour rankings that are currently available. Users can also utilize filtering tools that help them distinguish between exchanges that operate on different fee models.

A rep from CoinMarketCap states…

“Our philosophy is to provide users with as much information as possible so that they can form their own interpretations and conclusions. This is an extremely demanding problem that requires all our users in the crypto community to resolve”.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

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CoinMarketCap Removes Volume Requirement for Cryptocurrency Exchanges

Crypto News | Latest News

CoinMarketCap, the cryptocurrency data aggregation site, recently removed their volume requirements for crypto exchange listings on their platform, citing data transparency and clarity concerns.

The giant cryptocurrency portal made the announcement on their blog post today, which responded to criticism that cryptocurrency exchanges have been gaming their statistical algorithms in order to get listed more easily and rank higher. This leads to more visibility and prestige among newer exchanges.

Many users have long complained that newer cryptocurrency exchanges inflate their volumes by utilizing a low fee model. This encourages traders to increase activity by using bots or taking advantage of the low cost per trade fees.

FREE CRYPTO COIN JUNKY HANDBOOK - 147 page guide covering Crypto Fundamentals, Beginners/Advanced Crypto Trading Strategies, Crypto Mining Techniques, ICO Investment strategies, and so much more.

CRYPTO TRADING STRATEGY GUIDES - Whether You're Day Trading, Swing Trading, Or Just Investing...Our Extensive Guides Will Get You To Where You Want To Be.

Some exchanges have been accused of more questionable methods of increasing their volume through “exchange operated market-making services” or other unscrupulous methods known as washed trading.

Another recent volume enhancing scheme is known as “transaction mining”. This crypto exchange model charges the user a transaction fee, however indirectly refunds them by issuing their own tokens. This method has become popular among many trading platforms that now rank towards the top of the CoinMarketCap daily volume charts.

CMC stated that rather than censoring these exchanges, they will attempt to over provide more data and tools to analyze these conditions so that individuals have the ability to reach an informed decision on their own.

These newer tools include the ability to view an exchanges volume over a longer period of time other than the typical 24 hour rankings that are currently available. Users can also utilize filtering tools that help them distinguish between exchanges that operate on different fee models.

A rep from CoinMarketCap states…

“Our philosophy is to provide users with as much information as possible so that they can form their own interpretations and conclusions. This is an extremely demanding problem that requires all our users in the crypto community to resolve”.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

Leave a Comment

[js-disqus]

Latest Crypto News

Goals set by Justin Sun for Tron(trx)in 2019

On the 31st Of May 2018, Tron achieved independence from Ethereum and Launched its own Mainnet with the Intention of being a fully functional Public Blockchain that supports Creation and development of decentralized Apps (dApps)

Read More »

Crypto Regulation Commences in South Africa

The South African government today issued a statement regarding the steps it is taking on cryptocurrency trading by setting up a working group dedicated to regulating blockchain and crypto. Background Before we get into that,

Read More »

Facebook Hiring: 5 Cryptocurrency Positions Open

Something is definitely brewing in Facebook’s newly formed department. Early in May, there was a rumor that Facebook was interested in opening a cryptocurrency department within its headquarters. The advertised positions are: Two Software Engineers

Read More »

Crypto StartUps are Failing

Cryptocurrency start-ups have had a rough year with a huge section of them laying off loads of their workers with the  Bitcoin price crash. Bitcoin has lost around $280 billion of its value this year

Read More »

CNBC Reporting the surge of bitcoin to $100 back in 2013!!

https://www.youtube.com/watch?v=O3XvCbh8pQU reddit Buffer Facebook Twitter FREE CRYPTO COIN JUNKY HANDBOOK – 147 page guide covering Crypto Fundamentals, Beginners/Advanced Crypto Trading Strategies, Crypto Mining Techniques, ICO Investment strategies, and so much more. CRYPTO TRADING STRATEGY GUIDES

Read More »

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