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CoinMarketCap is one of the most reliable sources for anyone who wants to view information on a particular cryptocurrency. They are able to show price, volume, market capitalization 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 increase in the trade volume of Bitforex, there are many investors who are completely incredulous.
In fact, rather than being uncertain, some people openly accuse Bitforex of manipulating the price. Kevin Rooke, a keen cryptic, has posted the following tweet:
"How much does Bitforex pay to CoinMarketCap to show a false trade volume? @ 24 hours of bitforexcom volume was presumably over $ 5 billion today, which is 5 times higher than @binance." Bitforex has almost zero social media presence and almost no research volume. What do I miss? "
Rooke believes that the fake volumes on the website are a question of misleading users, although there are some people who claimed to have seen this volume false, despite the lack of evidence. The CMC was also recently accused of manipulation, which was in the form of wash trading. Washing trading simply means that the user has been forced to invest 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 largest platform for cryptocurrency trading by volume. Bitforex is based on Singapore and includes operations teams in several other countries.
They can trade on their exchange with Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Stellar Lumens and Neo. Although CoinMarketCap has adjusted the market volume to $ 1 million, the 24-hour market volume shows $ 5 billion, which is far more than it should be.
One of the most suspicious problems is that Bitforex has been remarkably silent about these topics, which is only more interesting since there has been no increase in social media to indicate any legitimacy. The CoinMarketCap blog underlined their position for "transparency and clarity of data", based on the last time they were accused of tampering with information on trade. Everything on their website comes from the APIs that are provided.
The blog also said,
"When we list exchanges, we do our best to check with exchanges that the APIs they provide will provide the freshest and most accurate data possible."
However, consumers should note that this post was listed before the alleged manipulation of Bitforex.
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