Wash Traders Create 'Fake Volume' in Bithumb?

Wash Traders Create 'Fake Volume' in Bithumb?

Bithumb has recently re-opened its user registration. With this, the exchange is now experiencing an upturn of $2 billion (from 10 billion USD to 12 billion) in its daily volume

Some have have attributed this upturn to the registration re-opening while some ascribe it to Bithumb’s 'Super Airdrop Festival'. This event, available for a period of time and on a first-come first-served basis, is where 120% of fees will be reimbursed to its users. It is available for a period of time and only on a first-come first-served basis.

Taking into account the mechanics of the festival has left some cryptocurrency analysts, particularly Alex Krüger, wondering if the influx in trading volume is false. By doing the math, he claims the actions of wash traders point out to $250 million of false volume every morning at 11:00 on the dot. The full account of his arguments and calculations on this matter can be read in his twitter:

Bitcoin

BTC
Price
3,581 USD 0.06%
Volume, 24h
886,037,294 USD
-11.57%
Marketcap
62,639,797,491 USD
52%
Emission
83%

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