Cryptocurrency News Now!: CoinMarketCap to Examine Exchange Listings With Skewed Metrics

Friday, July 20, 2018

CoinMarketCap to Examine Exchange Listings With Skewed Metrics

QUOTE OF THE DAY

“Look. I have a strategy. Why expect anything? If you don’t expect anything, you don’t get disappointed.”

- Patricia McCormick

Happy Friday! The winners of our giveaway will be contacted today! Thanks for everyone who participated. And don't worry, there will be many more chances to win. Have a great Friday Brew Crew!

Cheers,
Blockchain Brew Team

MARKETS

COIN	PRICE	24H

BTC	$7,460.72	+0.31%

ETH	$463.887	-3.38%

XRP	$0.457438	-6.31%

BCH	$794.808	-4.75%

EOS	$8.30334	-3.77%

*Information as of 9:30 AM EST

NEWS

CoinMarketCap to Examine Exchange Listings With Skewed Metrics

OFFICIAL ANNOUNCEMENT

In an official announcement released yesterday, CoinMarketCap.com is examining and updating its exchange listing service due to concerns about skewed volume data
On July 16th, the website got rid of the minimum exchange volume listing requirement that used to limit the amount of exchanges listed to encourage more accurate data reporting
In addition, CoinMarketCap will extend new metrics including a 7-day and 30-day volume and the establishment date of the exchange to provide more clarity to investors

SKEWED DATA REASONS

Though CoinMarketCap pulls data from exchanges' API, there are a few things that researchers identified that could skew volume data
First, with many exchanges adopting the new "transaction fee mining" model, which reimburses fees in the form of native exchange tokens, volumes can be pumped because it can be profitable for users or bots to trade back and forth to acquire more tokens
In addition, exchanges with an extremely low fee model have opaque data because these exchanges often fluctuate their fee amount and tier fees by account type so it is confusing to CoinMarketCap
Lastly, "wash trading" or simply trading with the intent of creating fake volume is an issue created by "bots or market making services"

At the end of the announcement, CoinMarketCap called upon all stakeholders in the crypto community to help solve transparency issues:

"As you can probably guess from the challenges we have alluded to above, it is an extremely demanding problem that requires all our stakeholders in the cryptocurrency community to solve. We hope that as we all move towards expecting higher transparency from exchanges and projects, they will be able to join us in raising the standards for data veracity."

TECH

Ethereum’s Raiden Network One Step Closer to Deployment

RAIDEN

The Raiden Network is an off-chain scaling solution, allowing nearly instant payments with almost no fees
The network works on top of the Ethereum network and is compatible with all ERC20 tokens
If you can remember when CryptoKitties first launched, Ethereum’s network became intensely congested, Raiden Network will solve this issue, scaling Ethereum’s transaction throughput
You’ve probably heard of other Ethereum scaling solutions like plasma and sharding, Raiden is not mean to be a substitute of these solutions, rather work in combination with them

NEXT STEP

On Thursday, a new test network was launched for Raiden and will be the final test network before the main network launches
The developers announced that a bounty program will be put in place to pay testers if they find any bugs
Raiden has always been promised to be released this summer and its developers are still hopeful to reach this goal

Lefteris Karapetsas the core developer of Raiden remains confident the network will be launched on time:

"Until the end of August it's still summer. Feature-wise the plan is to just launch with the same features that have on the testnet right now."

PREDICTION

BitMEX CEO Wants to See $5,000 Per Bitcoin Before $50,000 Per Bitcoin

MARKET DETAILS

Currently the 2018 low for Bitcoin happened in June when Bitcoin hit fresh lows around the $5,700 price level
As we are in the midsts of a price rally, with Bitcoin breaking back over $7,000, many traders have begun to believe the worst is over
However, BitMEX CEO Arthur Hayes shared that he thinks the worst is yet to come

BOTTOM TO COME

In an interview with CNBC yesterday, Hayes shared that he doesn't think the bottom is in for Bitcoin yet
Hayes believes that Bitcoin won't bottom out until we reach the $4,950 level
At which point, Hayes then believes Bitcoin will rally to hit $50,000 by the end of 2018

Hayes did share that this rally could cause Bitcoin to rise close to $10,000, a 30% gain from current Bitcoin levels:

"I think the current rally will top out close to but not greater than $10,000. Then we will fall and test $5,000. If that holds then we can rally to $50,000 by year end."

NEWS

Meet the Five Crypto Pioneers Who Made Fortune's 40 Under 40 List

Fortune's 40 Under 40 list represents the most influential young people in business from a variety of different industries. As for crypto, Fortune recognized 5 individuals who are innovating the industry.

BRIAN ARMSTRONG - 20TH

Coinbase CEO Brian Armstrong secured his place on the list for the second time due to Coinbase's mass innovation and growth
Coinbase was the first crypto company to reach a valuation over $1 billion when it was valued in late 2017 at $1.6
Fortune also noted that Coinbase has been pushing the regulatory frontier to welcome institutional money into crypto

VITALIK BUTERIN - 22ND

Vitalik Buterin has now secured his third time being on the list due to his founding and involvement in Ethereum
He is highlighted this year for declining to work at Google and standing alongside his crypto roots as well as the Securities and Exchange Commission's decision to not regulate Ethereum as a security

VLAD TENEV AND BAIJI BHATT - 24TH

Known by Fortune as the "Stanford math whizzes", Vlad Tenev and Baiji Bhatt are co-CEO's of the brokerage platform Robinhood
Since introducing the idea of commission-free crypto trading, Robinhood has expanded its crypto reach to 17 states and offers 5 different coins

PAUL DUROV - 25TH

Paul Durov has secured his first time on the list due to his founding of Telegram
Telegram, a popular messaging app that is used by crypto enthusiasts due to its privacy and encryption, now has grown to over 200 million users worldwide
In addition, Telegram completed two $850 million fundraising rounds for its ICO which brings its total ICO value to $1.7 billion

With 5 crypto allstars making the rankings, it is more than double the amount of winners from the crypto space as 2017.

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