Bitfinex CTO Becomes Critical of CoinGecko’s Crypto Market Analysis and Reporting Depth Values

Bitfinex, one of the largest derivative exchange has been in hot water recently due to string of controversies surrounding the exchange. Now Paolo Ardoino, CTO of Bitfinex has claimed that market analysis firm CoinGecko is under reporting its market depth value.

As per CoinGecko‘s market evaluation, the exchange's depth value stood at $260,000 with a +/-2% fluctuation, but the CTO claimed that their real depth value is around $4 million. Adorino tweeted the same and tagged CoinGecko in his tweet which read,

“@coingecko is it possible that you're under-reporting the +/-2% depth values for @bitfinex ?

They are reported as ~260k but actually are around 4M. Am I correct or misinterpreting how to read the info?”

It turned out CoinGecko was indeed putting out incorrect data as they responded to the tweet claiming that they were facing an issue with their API which because of which they were unable to track precise data for “precision and length of the order book.”

However the analytical firm quickly got in action and resolved the issue after which they responded to Adronio tweet saying,

“Hi Paolo, we have resolved the issue on Friday evening. Now the orderbook depth is showing correctly and it is indeed deep!”

CoinGecko is the second largest market data analytics firm in the crypto space only falling behind CoinMarketCap and thus it is one of the most widely used APIs for different platforms. A mistake of this kind can prove hazardous for the business of the platform it is putting out incorrect data for.

There has been a significant increase in the service of data analytical firms in the crypto space, as these are not just used by trading platforms and crypto enterprises but also the law agencies and government bodies.

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