CoinMarketCap Shows BitForex Crypto Trade Volume Over $5 Billion As Community Shares Pessimistic Disbelief

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.

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Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

1 COMMENT

  1. Dear Author,

    Good day to you!
    I am connecting with you for the CoinMarketCap trade volume of BitForex. As we know CMC is the most authority website of cryptocurrency, this article reports the error information, we BitForex need you to delete it, thank you for your cooperation in advance.

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