[Analysis] Bitwise report: Bitcoin is a ‘significantly more efficient market’ despite 95% fake volume - Celia Wan

A recent white paper published by Bitwise further analyzed the initial Real 10 exchanges Bitwise found to not inflate trade volumes. Of the ten, nine have U.S. Department of the Treasury Money Services Business Licenses and six have New York BitLicenses, showing a connection between regulatory compliance and data integrity. All ten have also had similar Bitcoin ($BTC) spot prices averaging 0.12% over the dates studied with overall deviations dropping congruently from the beginning of 2018. Arbitrage on the exchanges was extremely quick too, with 50% of 1% discrepancies gone in one second and 90% in 49 seconds. Exchanges that inflate volumes are not price discovery vehicles either, with most investors leaning on the Real 10.

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