The go-to source for cryptocurrency price valuation will now require exchanges to provide necessary paperwork if they want to be a factor in their value calculations.
The move from Coinmarketcap, who is celebrating its 6th birthday this week, is their attempt at a fight back against claims made by cryptocurrency index, Bitwise Asset Management of inaccurate data. Earlier this month, research they released revealed that a massive 95% of the information provided by unregulated exchanges would either be fake or irrelevant for investors.
Before these latest updates by Coinmarketcap, they could easily slip into their metrics and affect the overall market projection. In reaction this, they have created what is known as the Data Accountability & Transparency Alliance (DATA), which exchanges will have to adhere to if they want their calculations to be included.
This move will now see them only accepting information provided from exchanges that have completed a verification procedure to ensure they filter out any untrustworthy sources and allow that the data provided to be more accurate than ever before. Stating that DATA will ensure “greater transparency, accountability, and disclosure from projects in the crypto space.”
The information that will need to be required includes all API Data, including live trading and order book data. Many big-name exchanges have already signed up to be part of this new initiative, including Binance, Bittrex, and Bitfinex, with many more expected to get involved before long.
Those who have not already signed up now have 6 weeks to provide the necessary information, with the cut-off point being June 14th 2019.
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