Bitfinex exchange purged from CoinMarketCap calculations

The embattled Bitfinex exchange is forced to deal with the hard truth of being removed from CoinMarketCap’s data calculations. The parent company of both Bitfinex and Tether Ltd has in the past week been on the spotlight following a case filed by the New York City Attorney General’s office.

A report released by TIE on March 20, 2019 said that at least 60% of all the top 100 digital assets hard fake reported volumes. CoinMarketCap later mover to develop a Data Accountability & Transparency Alliance (DATA) in a bid to mitigate situation in turn ensuring “greater transparency, accountability, and disclosure from projects in the crypto space.”

Cryptocurrency exchanges were then given a 45-day grace period for them to submit live trading data and order book data. CoinMarketCap, however, decided to distance itself from Bitfinex following a $300 premium.

Other cryptocurrency exchanges that have suffered the same fate as Bitfinex include Bithump, Coinone and Korbit for having “the extreme divergence in prices from the rest of the world and limited arbitrage opportunity.”