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Technical analysis
Data Integrity And Cryptocurrency Trading - Why Accuracy Matters
in Technical analysis
Reading Time: 5min read

Poor data integrity when it comes to how cryptocurrency trading platforms report digital asset trading volumes, can have catastrophic consequences.

In May 2019, BitStamp single-handedly caused a major, albeit brief cryptocurrency market crash, by publishing inaccurate trading data.

The cause of the May crash was a sell order on the BitStamp order book that was triggered, despite this sell order being for a much lower BTC price than that listed on BitStamp and other exchanges at the time. As a result, thousands of traders made major losses, as their own buy and sell orders were triggered.

Are you an aspiring cryptocurrency trader or investor? If so, you need to be able to rely on 100% accurate digital asset price and trading volume information. Thankfully, Coinbae can provide this.

Poor Data Integrity and Cryptocurrency Price Manipulation

In theory, cryptocurrency trading can see traders earn consistent profits by buying and selling digital assets at the right time. Naturally, trading carries a significant level of risk. However, accurately reading trading signals and using bots, can mitigate this to a large extent. 

Sadly, trading signals and bots provide no value, if real-time trading data provided by exchanges isn’t accurate. Poor data integrity is also a bigger problem than many traders realize.

  • In March 2019, some reports suggested that up to 88% of trading data is inaccurate.

  • January 2020 saw a new report surface, suggesting that 99% of data concerning Ethereum, Litecoin, and EOS trading volumes is manipulated.

  • As recently as April 2020, China’s National Internet Finance Association (NIFA) warned that trading volumes of many altcoins are at odds with digital asset prices and real market values.

At CoinBae, we counter poor data integrity on exchanges, by providing real-time cryptocurrency trading data from only the world’s most trusted exchanges.

Why is Cryptocurrency Exchange Data Manipulated?

Why cryptocurrency trading data on some exchanges is manipulated is simple.

When real crypto trading volumes are low, traders choose to hold coins. This results in fewer buy and sell orders. As a result, exchanges turnover less fee revenue.

Some cryptocurrency projects have also been accused of Wash Trading. This is where major project stakeholders repeatedly buy and sell the same digital asset over and over. In doing so, they create an illusion of higher trading volumes. 

Recently, controversial altcoin project Bitcoin SV was accused of using Wash Trading to artificially increase demand for BSV on exchanges. Moreover, as is always the case when coin trading volumes are manipulated, many traders made significant losses as a result.

How to Trade Successfully Despite Data Manipulation

Are you about to enter the world of cryptocurrency trading? If so, it is possible to time trades based on data that isn’t manipulated by exchanges.

At CoinBae, we aggregate real-time cryptocurrency price and trading volume information from only the world’s most trusted exchanges. All have to be able to prove that data isn’t manipulated. More importantly, any exchange we suspect of manipulating data is removed from CoinBae immediately.

Helping You Trade Safer and Smarter

By compiling data from 267 trusted exchanges, CoinBae gives you a far more accurate overview of the cryptocurrency market, when compared to other sites.

Are you ready to buy and sell smarter? If so, check out real-time cryptocurrency price and trading volume data now at CoinBae. Make sure to also follow our blog for news concerning the launch of our upcoming futures trading platform. 

Featured Image from Shutterstock Price

Tobi Ismail

Tobi is a full time day/swing trader with 3 years’ experience in the currency and commodity market. He is interested in cryptocurrencies in combination to the current financial system. Tobi holds a bachelor's degree in Agriculture.

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