Crypto Community Member Praises New CoinGeckoLark Trust Scores For Exchange Transparency
Crypto Lark Has Gone Ahead To Applaud CoinGecko For The New Roll Out On Trust Scores
The exchanges within the crypto space have been having a hard time during the crypto winter and the market crash that we recently experienced. They had a tough time serving as the controversy kept circulating around the various platforms.
Steps Taking To Reduce The Fake Crypto Volumes Being Reported
Early this year, when the Tie report was publicized led to increased debates and discussions taking place. And to ensure they adequately fight the fake crypto volumes The Crypto Lark, which is based in New Zealand, went ahead to speak with Bobby Ong.
Bobby Ong is the co-founder of the CoinGecko platform, one that has been a crypto ranking website for a minute.
Recently there is a trust score that was launched by the crypto market data aggregator; this is to ensure that there is a clear picture of the market being recorded. Ong went on to touch on the hot topic, speaking about the new rollout cases together with the controversial news on the fake volumes being witnesses in the market.
But he went to point out that there is a considerable incentive to cheat. It is because of the unregulated space in which people operate. And an individual can mascaraed as a massive exchange within the crypto space, and have the highest trading being recorded in the word with the use of questionable techniques.
“The 24-hours the reported volume of exchanges in the crypto space longer a good measure of exchanges liquidity. So in a traditional market volume from exchanges is a good indicator of how liquid exchanges are. So higher volume will indicate that the exchange actually has high liquidity and low volume indicate actually lower liquidity in the crypto market”
The 24-Hour Report Volume Is Not Sufficient To Make Investment Decisions
According to Ong, the entities that are within the high capacity can sell the idea that they are the most significant exchange. And with that kind of picture created, it can lure in investors on to their platform and increase their current traffic.
He went on to state that with the 24-hour report volume is not useful for investors. Instead, people should take the extra time to look through the metrics, and go just a little beyond the reported trading volume. This way, you will get a better understanding of the exchange liquidity.
There is a need to have reliable and trustworthy information on the current outlook of the exchange volumes. The sad thing is that the market has been flooded with misinformation and manipulation taking place in the market; thus, the trust scores would go a long way within the unregulated space to help monitor different platforms.