Wash trading at cryptocurrency exchanges

【Author】 Le Pennec, Guenole; Fiedler, Ingo; Ante, Lennart

【Source】FINANCE RESEARCH LETTERS

【影响因子】9.848

【Abstract】Cryptocurrency exchanges allegedly use wash trading to falsely signal their liquidity. We monitored twelve exchanges for metrics of web traffic and for their administered user funds. The exchanges were clustered in three distinct groups based on previous findings: (1) accuratelyreporting exchanges, (2) exchanges that engaged in wash trading, (3) exchanges with mixed evidence of wash trading. A comparison of the reported to the predicted trading volume, calibrated on the accurately-reporting exchanges, suggests that group 2 exchanges exaggerate their true volume by a factor of 25 to 50, and exchanges of group 3 by a factor of 1.25 to 33.

【Keywords】Bitcoin; Ethereum; Blockchain; Trading volume; Fake volume; Market manipulation

【发表时间】2021 NOV

【收录时间】2022-01-01

【文献类型】

【主题类别】

--