More than $3 billion of volume might be faked
OKex claims to be the top-volume cryptocurrency exchange but up to 93% of its volume might be fake, according to one market watcher.
Sylvain Ribes took a look at the orderbook of each exchange and looked at how much slippage an order of $50K of each major cryptocurrency would drive down the price as a proxy for volume.
OKEx, for instance, was said to have $422 million of Bitcoin volume over the past 24 hours. That amount of trading should be able to easily absorb a $50K sell order with almost no move in the market.
Other likely bad actors include Huobi, HitBT and Binance. He estimates that more than $3 billion of daily volume is nonexistent while Bittrex looks to be "absolutely clean".
More at Finance Magnates.
