CoinMarketCap admitted there was a mistake in the data will be improved

Note: the text from Bloomberg, author Olga Kharif, compiled by the Odaily daily planet Qin Xiaofeng, reproduced please specify the source.

 CoinMarketCap admitted there was a mistake in the data will be improved

According to Bloomberg, CoinMarketCap encryption currency data provider said, outside of its website inaccurate data concern is reasonable”. The company will add more information on its website, to help users make better decisions.

CoinMarketCap is one of many encryption currency investors see the rankings website price, trading volume and industry, is one of the largest global access to 500 web sites. However, the CoinMarketCap website exchange trading volume has been controversial.

 CoinMarketCap admitted there was a mistake in the data will be improved

(bitcoin market, pictures from Bloomberg)

On Wednesday (March 20th), the Asset Management Co Bitwise to the U.S. Securities and Exchange Commission (SEC) for bitcoin ETF, and submitted a report. The Bitwise report said, bitcoin transactions on the CoinMarketCap exchange, about 95% is false.

This behavior, brought about a fundamental of the false impression to the true size and the nature of bitcoin market.

Bitwise Report

CoinMarketCap global marketing director Carylyne Chan said to Peng Bo, has been questioned due to exchange trading volume, CoinMarketCap plans to provide a series of new tools to increase the transparency of trade flow data, the program includes liquidity measurement, wallet balance and the exchange of hot and cold.

Carylyne Chan said:

For example, if a low flow exchange with $300 million in trading volume, while only 5 of a bitcoin wallet. Then the user can draw their own conclusions, and we do not need to make judgments on the ‘good’ or ‘bad’. We want to show that our philosophy is to provide as much information as possible for users, so they can form their own conclusions and interpretations, instead of putting our own prejudices into it.

The daily planet Odialy found that CoinMarketCap is currently collecting user Twitter for the new index feedback. To obtain the highest praise proposal, make false trading volume exchange delisting from the CoinMarketCap (data not included).

 CoinMarketCap admitted there was a mistake in the data will be improved

Last July, CoinMarketCap had changed: the launch of trading volume of 7 days and 30 days, cancel the list of exchange trading volume, and began to list the date of the establishment of the exchange, to help users better assessment of encryption currency.

Previously, Binance CEO Zhao Changpeng has released Twitter, questioned the CoinMarketCap encryption currency price data provider.

Why should the exchange fraud on the trading volume? @CoinMarketCap is the site of our field maximum flow, maximum recommended is all exchange. In the CMC ranking for new users is good, but at the expense of the credibility of the cost of professional users.

This kind of CoinMarketCap encrypted data website, because it can provide users with the transaction data of the entire market, traffic is very high, sometimes even can influence encryption currency movements.

1 2018, the site suddenly decided to cancel several South Korean exchange market price list (Bithumb, Coinone and Korbit), this decision caused large-scale market panic, a lot of money on the copycat fell more than 10%, XRP is down 30%.

However, from the current situation, CoinMarketCap also intends to reduce their impact on the market. In March 20th this year, CoinMarketCap on Nasdaq, Bloomberg, Thomson Reuters Eikon (Refinitiv) and B rseStuttgart, introduced two kinds of encryption currency benchmark index. However, the index will be calculated by the German Solactive index provider AG and management, rather than CoinMarketCap.

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