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Page 61 has the 10 exchanges that appear to have real volume of the 81 exchanges analyzed: Binance, Bitfinex, Kraken, Bitstamp, Coinbase, bitFlyer, Gemini, itBi
by andrewla 8y ago
Page 61 has the 10 exchanges that appear to have real volume of the 81 exchanges analyzed: Binance, Bitfinex, Kraken, Bitstamp, Coinbase, bitFlyer, Gemini, itBit, Bittrex, and Poloniex. They estimate that the total ADV for the market is $273M, less than the $6B reported by https://coinmarketcap.com https://coinmarketcap.com.
- gruez 8y ago>Page 61 has the 10 exchanges that appear to have real volume of the 81 exchanges analyzed: Binance, Bitfinex, Kraken, Bitstamp, Coinbase, bitFlyer, Gemini, itBit, Bittrex, and Poloniex. I didn't expect Bitfinex to be on that list, considering all the USDT shenanigans that they were caught up in.
- andrewla 8y agoI was a little surprised by that as well, but my own analyses of Bitfinex data (together with the USDT/USD market on Kraken) brought me to a similar conclusion that they are likely operating above board. That said, there have been previous studies challenging that conclusion so I wouldn't be surprised if they found more signals on a deeper inspection. The slide deck does go into the USDT/USD differences as well, and even mentions the large Bitfinex hack.
- qes 8y agoProbably no surprise to most people at least moderately familiar with the Bitcoin trading world. I would've named 8 of those off the top of my head as exchanges with legitimate volume, and I'm not a day trader or all that involved, just a bit of a holder and followed along the 2017 craze.