Top-Rated Crypto Exchanges Comprise 5% of Total Trading Volume: Report
Marie Huillet's original article for cointelegraph.com reduced by 48%
Untrusted exchanges still command the lion's share of global cryptocurrency trading volumes, a CryptoCompare report published on Aug. 21 reveals. As of July, D-E rated low-quality exchanges represented 64% of trading volume - a staggering $316 billion - whereas top-rated AA platforms accounted for just 5% or $31 billion.
Lower quality crypto trading volume looms large over the sector: yet there is a silver lining. In July, volume from the highest-rated trading platforms increased by 29% and 10% respectively, while E-rated exchanges - representing $142 billion - saw a 20% decrease in volume as compared with June.Aggregate monthly trade volumes by exchange grade. As reported, there is an increasing awareness in the industry of the prevalence of unreliable trading platforms, faked trading volumes and market manipulation, which encompasses strategies such as wash trading and spoofing.
In mid-March, Bitwise Asset Management issued a damning report on Bitcoin trading figures, claiming that up 95% of Bitcoin trading volume as seen on data aggregator CoinMarketCap was fabricated by wash trading. This June, CMC delivered an ultimatum to all exchanges in the global exchange market to disclose accurate data, saying that they would be delisted from the site if they failed to report trading data, volume and other relevant information with integrity.
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