Coin Market Cap Set Its Goal to Extract Accurate Data Calculation of Bitcoin Liquidity with Its New Acquisition of Hashtag Capital

Data provider Coin Market Cap (CMC), which provides information on market capitalization rankings, transaction prices and trading volume of virtual currency and tokens, announced the acquisition of U.S. financial firm, Hashtag Capital in its official blog.

Coin Market Cap's acquisition of Hashtag Capital aims to develop technologies to produce accurate prices, including the liquidity of Bitcoin, and is expected to continue to take active steps with the goal of improving the quality of data in the future.

Coin Market Cap CEO, Brandon Chez said, "we are very looking forward to challenging the limits of possibility to provide accurate data on the price of cryptocurrency. In the future, we will be able to provide users with data that we analyzed with more advanced technologies than traditional methods that focus on trading volume.

The acquisition is seen as part of a countermeasure to the a report released in March by cryptocurrency asset management company, Bitwise Asset Management, which claimed 95 percent of Bitcoin's time-to-date trading is fake.

A report submitted to the SEC as part of the revision of the Bitcoin ETF application also pointed out that the CMC's data is unreliable, while a series of claims were made that the actual BTC's transaction amount is much smaller than what is known to the public.

From this controversy, Coin Market Cap announced plans to add hot or cold Wallet balance and traffic data on the exchange to future data. Moreover, in May, it announced the launch of a new Alliance called the Data Accountability & Transparency Alliance (DATA).

Reporter Shinwon Kim (news@dailycoinews.com)의 기사 더 보기

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