CoinMarketCap Removes Bitfinex Bitcoin Data From Price Average

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CoinMarketCap Removes Bitfinex Bitcoin Data From Price Average

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Controversial major cryptocurrency exchange Bitfinex has had its Bitcoin data removed from CoinMarketCap’s price average due to a 5.5% premium the exchange claims over the market average.

The above-average Bitcoin pricing on Bitfinex is believed to be a result of the recent news alleging that Tether is not backed 1:1 to the US dollar. Soon after these claims broke, Bitcoin began trading over USD 300 above the market average on Bitfinex, which is a backer of Tether. The trading volumes at this rate were substantial enough to shift the aggregated averages of Bitcoin’s premium upwards.

CoinMarketCap made the decision to exclude the data from Bitfiniex in its Bitcoin average pricing, although several other exchanges with even higher premiums have remained in the calculation.

Bitfinex has had a questionable relationship with stablecoin Tether, to say the least. Last week the New York State Attorney General requested documents from Bitfiniex regarding an alleged deal made between the exchange and Tether, claiming that both parties ”mislead their clients and investors“.

CoinMarketCap’s removal of Bitfinex data shows perhaps an indication of solidity with the Attorney General’s assumption the cryptocurrency exchange’s operations are not altogether reliable, particularly given that it continues to include other exchanges that list higher Bitcoin premiums.

 

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