The Investment and Asset Management Company, in the form of bits, recently published a study stating that 95% of BTC's trading volume reported by casas de cambio was manipulated, as these platforms would have information on the purchase. unrecognizable sales.
The report, which was presented this week to the Securities and Exchange Commission of the United States (SEC), underlines that $ 6 billion of the daily volume of BTC purchased and sold by CoinMarketCap is incorrect and that only 10 stock exchanges in the whole market will report on the actual situation of the Bitcoin market.
Bitity researchers came to these conclusions by examining the behavior of 81 houses around the ecosystem, highlighting Binance, Coinbase, OKEx, Coinbene, Poloniex and Kraken listed in CoinMarketCap. They also monitored the behavior of BTC purchases and sales on these markets, the amount of BTC offered by users, and the sales patterns of the Bitcoin market.
The report used the Coinbase, Coinbene, RightBTC and ChaoEX stock exchanges as examples when the BTC market was healthy and manipulated.
According to the study, the aforementioned platforms will only enter Coinbase among 10 trusted exchanges since All orders for the purchase and sale of this market are unequal and random. This means that you can enter more sales over a certain period or more purchases, and this pattern may change with the expiration of minutes and the expiration of days.
Researchers also find that orders for the purchase of coins are usually round numbers when the amount is near the juniper. This means that users prefer to change 1 BTC as 0.97 BTC, a behavior that was previously identified in the cryptoactive market. Also on this platform, it is unusual to commercialize high BTC volumes (more than 2 BTCs), while the share of users who transfer a few dollars into bitcoins is a behavior that changes due to the context of the market.
The second feature of the real markets is according to Bitt's that the exchange register records minutes with a higher volume of BTC than othersas well as trade vary according to news, events occurring in the ecosystem or on weekends, in order to mention some external factors that influence the commercialization of cryptoactive substances. Finally, the company also warned that Coinbase with a daily turnover of $ 27 million in the BTC has extended the expected price for Bitcoin $ 0.01 per day, which represents 0,0003% of the price. crypts.
The Bitwise research group also compared the 81 histories of the exchange houses, finding the same patterns among the 10 exchangeable platforms that they feel are reliable. All companies present numerous BTC offers of low amounts, very few purchases and sales of high amounts, as well as the number of transactions fluctuating reactively at external events in the market.
On the other hand, researchers Coinbene, RightBTC and ChaoEX exchangers have been labeled as suspicious markets because they believe their buying information is "not recognizable" and that their behavior is "artificial".
Coinbebe claims that it is the largest cryptoactive ecosystem market with a $ 480 million daily turnover in the BTC. The bit report, however, states this offers for the purchase and sale of these stock exchanges have an alternative pattern, as opposed to exchange houses such as Coinbase. For example, in Coinbebe records, first enter a sales offer, then bid for a purchase, and so forth, without changing it. Researchers emphasize that this type of pattern is "not natural", as bids are generally unequal and random.
Also, per-minute swap transactions were suspicious for the authors of the study, as couples subscribed for each minute. This means that the purchase and the quote per minute are always entered without changing this pattern at any time. Similarly, Coinbebe markets are missing rounds of marketing (1 BTC, instead of 0.91 BTC, for example), the pattern we mentioned earlier is very common in the cryptoactive market.
These stock exchanges also usually have a greater commercialization of large quantities of BTC, while the smaller registered offers are 0.43 BTC. That means about $ 1400. As for spread At the price of Bitcoin, the difference between the best offer and the best offer for sale, Coinbene showed a value of $ 34.47 at a certain time, which is 3,400 times more than those recorded by prestigious exchanges.
Researchers also found that some stock exchanges, such as RightBTC, have market gaps, which means in minutes, hours and even whole days, when the exchange does not report on the purchase or sale offer. The study emphasizes that these gaps are not related to the usual commercial hours of the BTC markets, either with the Bitcoin price volatility or with ecosystem news, and their presence is suspicious.
As for ChaoEX, Bitwise accused the Platform of having a unique range and mentions that the market is registering every day the same movement of buying and selling is immutable. The report emphasizes that this type of market behavior is unlikely because the quantities do not remain consistent with news and real world factors.
If we compare the histograms of "suspicious" stock exchanges, the researchers found that these platforms do not follow the same pattern as the 10 exchanges that they feel are reliable. They also do not have a similar market behavior.
Lastly, the report also took into account some details about stock exchanges that do not have to deal adequately with the volume of their transactions, but they are also important for determining whether the market is suspicious or not.
For example, they emphasized that Coinbase has 852 employees who have been identified and properly registered on its payroll, as well as more than a million subscribers on Twitter and have reported to the authorities over the past 7 years that they have received $ 546 million. In the case of CoinBebe, only 42 workers were registered on the platform, mostly with part-time work, with a total of 10,000 followers on Twitter and did not report any funding, details that are not in line with a platform that mobilizes $ 480 million in daily BTC and claims to be the largest Bitcoin market.
This is not the first time that a group of investigators have been charged with manipulating the scale of commercialization of Bitcoin, since in December last year, the Blockchain Review Institute also blamed this behavior and showed that the exchange houses were enriched by the inclusion of new project cryptoactivs for which it is appropriate to attract potential customers by manipulating the number of transactions they actually own.
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