Bitwise Announces Continuing Improvement Of The ‘Real’ Bitcoin Market To SEC
Digital asset management company Bitwise Asset Management claims that the existing bitcoin spot market is “significantly smaller and more efficient” than is commonly believed. She wrote about this in her next appeal to the Commission on US Securities and Exchange Commission (SEC), quoted by CoinDesk.
According to Bitwise, the quality of the bitcoin spot market and arbitrage opportunities have seen “tremendous improvement” since the beginning of 2018. The average price deviation for 10 exchanges with “real” data decreases over time. “This is happening despite high volatility and occasionally falling trading volumes and is driven by a number of factors that reflect the emergence of the market,” the firm writes..
Bitwise also mentions significant growth in the CME BTC futures market. As in the previous report, the company claims that 95% of bitcoin trading volume is fraudulent. The data shared by CoinMarketCap is “incorrect” and “grossly overpriced,” she adds, while acknowledging that the popular tracking portal seeks to improve the quality of the information displayed..
At the same time, the “real” bitcoin market is “extremely efficient”. “If we exclude fake volumes and fake data from the calculations, an extremely efficient and orderly market remains, and this is contrary to the generally accepted opinion that the Bitcoin market is particularly disordered and ineffective,” the publication says..
According to Bitwise, only the data from Binance, Bitfinex, Coinbase, Kraken, Bitstamp, BitFlyer, Gemini, itBit, Bittrex and Poloniex are consistent with the reality..
“People reading about Bitcoin today still think about Mt. Gox when they should be thinking about Fidelity; they think of Silk Road when they think of Whole Foods. This outdated perception is compounded by low-quality data that permeates much of the Bitcoin ecosystem, making it appear as if the market is inefficient, chaotic and problem-ridden, ”concludes Bitwise.
Earlier this month, the SEC delayed a Bitcoin ETF decision proposed by Bitwise.
Bitfinex, Bittrex and Poloniex have denounced the allegations of manipulating the bitcoin market Lawyers of the Bitfinex cryptocurrency exchange are confident that…
Miners began to sell less than they mine. Is it that good for Bitcoin? On May 11, the third halving took place on the bitcoin network, along with which the daily…
Japanese authorities ordered Coincheck to report on security breaches Japan’s Financial Services Agency (FSA) is taking action to strengthen…