CoinMarketCap is one of the most trusted sources for anyone that wants to see information about a particular cryptocurrency. They are able to show price, volume, market cap, and other information, and their information is used by millions of individuals and organizations to help them with investments and competition.
However, with a recent surge in the trade volume of Bitforex, there are many investors that are in complete disbelief.
In fact, rather than just being uncertain, some people are outright accusing Bitforex of manipulating the price. Kevin Rooke, a crypto enthusiast, posted the following tweet:
“How much is Bitforex paying CoinMarketCap to show fake exchange volume? @bitforexcom’s 24h volume was supposedly over $5 billion today, which is 5x higher than @binance. Bitforex has almost zero social media presence and almost no search volume. What am I missing?”
Rooke believes that the fake volumes on the website are a matter of misleading users, though there are some people that have claimed that they’ve seen this fake volume themselves, despite a lack of proof. CMC was also recently accused of manipulations as well, which was in the form of wash trading. Wash trading just means that the user was conned into investing, based on false information. Now, it seems to be Bitforex’s turn.
Not only is this increase higher than what Bitforex has seen before, but it is also higher than Binance, which is the biggest platform for cryptocurrency trading by volume. Bitforex itself is based out of Singapore and features operating teams within multiple other countries.
They make it possible for trading on their exchange with Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Stellar Lumens, and Neo. Though CoinMarketCap has adjusted the market volume to $1 million, but the 24-hour market volume shows $5 billion, which is so much more than it should be.
One of the most suspicious issues is that Bitforex has been noticeably silent on these topics, which is only more interesting by the fact that there’s been no social media boost to indicate any legitimacy. The blog for CoinMarketCap has emphasized their stance for “data transparency and clarity,” based on the last time that they were accused of tampering with the information on exchanges. Everything on their website comes from the APIs they are given.
The blog also said,
“When we list exchanges, we do our best to verify with exchanges that the APIs they provide us will pipe through the freshest and most accurate data possible.”
However, consumers should keep in mind that this post was listed before Bitforex’s alleged manipulation.