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Volume profile and fake volumes

A simple metric to detect suspicious trading activity in cryptomarkets


The recent spike in bitcoin price has made it possible to create another metric to detect suspicious trading volume based on intraday profile and 24h volume change — Gemini, Bitbank, CEX, Bitfinex, itBit, Coinbase Pro, Liquid, Kraken, and Bitstamp are among the most trustworthy crypto exchanges.


The spike in bitcoin price on the 2nd April 2019 has also led to the dramatic increase in trading volumes: from around $10 billion a day prior to the spike to over $20 billion during the next couple of days. Although the initial price movement allegedly started on a few exchanges, the arbitrageurs did their job well by pushing the price higher and trading with resting orders on other exchanges. In addition, the uncertainty about future BTC price has sparked the interest among investors and traders, which in turn has added to the increased trading volume.


Read more on our Medium blog.




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Smoke and Mirrors: More reports of rampant wash trading detected among large crypto exchanges

  • Crypto Integrity found that up to 88% of reported volumes in February were artificial at some of the highest reported volume exchanges

  • On some less liquid trading pairs, the group estimates up to 100% of the volume is fake

The Block Crypto

ABOUT

Crypto Integrity is a non-commercial project aimed at fraud detection and forensics in the crypto markets.

Our mission is prepare and publish market research to foster transparency and market integrity. We are ready to share with the community the insights into what the raw market data may tell a watchful observer.


We are a team of enthusiasts with the background in finance, algorithmic trading, computer and data science. Based in four different countries in Europe and Asia, the team started its research in August 2017. In February 2019, the hobby has finally taken a shape of the independent project Crypto Integrity.  


Crypto Integrity is building a system that collects, processes and analyses low-level market data (order books and trades) from a number of crypto exchanges. It allows identifying what no one is able to find on charts or by the analysis of trades & volumes. Our codebase as well as methodology is public and accessible in GitHub. We look forward to those who would like to join us and champion transparency in cryptomarkets! 

The infrastructure costs money, and we will be grateful if you could share our burden:

BTC: 1KoTp5TiRFwdLZUs2FreQyrr3599n2VK9Q

ETH: 0x236251B0F405029E1A11411899db56569966cf53

XRP: rHhbJ8yPXcwSTctFiAYocpK3BCHZ6g8eFn

DASH: XsGeFrGn8mDQmoCjQ3YQpmpXBMMm8s2aMh