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Title: New Bitwise report for SEC Post by: KYCbench on May 28, 2019, 12:13:38 AM https://i.imgur.com/42zUnxB.jpg Bitwise Asset Management presented a 105 pages report (https://www.sec.gov/comments/sr-nysearca-2019-01/srnysearca201901-5574233-185408.pdf) to the US Securities and Exchange Commission (SEC), which reviewed 83 cryptocurrency exchanges for fake trading volumes, analyzed the relationship between futures on the CME and the spot market, as well as the volume of arbitrage operations on the platforms. The document, in particular, states that in reality the bitcoin spot market is much smaller, more regulated and more efficient than is commonly believed. Thus, according to the study, the state of the spot market has improved significantly since the beginning of 2018. Earlier in Bitwise, it was argued that 95% of trading volumes on unregulated exchanges are fake and devoid of any economic sense. The analytical material had a thesis that approximately $ 6 billion of the daily trading volume of cryptocurrencies on the spot market are fake. Only 10 of the 83 cryptocurrency exchanges analyzed, passed the original Bitwise test, the purpose of which was to determine whether the sites overstated their trading volumes systematically. These include Binance, Bitfinex, Coinbase, Kraken, Bitstamp, bitFlyer, Gemini, itBit, Bittrex and Poloniex. It is worth noting that the South Korean cryptocurrency exchanges were not included in the study. In Bitwise, this was explained by the fact that the trading volumes of these sites stand out too much from the rest of the cryptocurrency market. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement (https://t.me/kycbench) KYCBench Community (https://t.me/KYCBenchOFFICIAL) Title: Re: New Bitwise report for SEC Post by: Astargath on May 28, 2019, 05:35:34 AM At this point people stopped caring about SEC which is really good. Bitcoin is about decentralization, isnt it? If you want to invest in Bitcoin, you can, right now, you dont need the SEC to approve bitcoin futures/CME, etc
Title: Re: New Bitwise report for SEC Post by: CryptoBry on May 28, 2019, 09:37:39 AM Quote These include Binance, Bitfinex, Coinbase, Kraken, Bitstamp, bitFlyer, Gemini, itBit, Bittrex and Poloniex. Good to see Binance as one of the 10 (out of 83 exchanges) which passed the litmus test conducted by Bitwise on the concern of fake trading figures. I am not sure why Kucoin is not part of the list. Oh well, the truth can really hurts but this is very necessary that we expose this thing right now so that soon this can be avoided. Fake data can have many repercussions in the cryptocurrency industry and for people to take us seriously there is a need to weed out this bad practice done by many exchanges. |
