Wash trading tactics, to boost cryptocurrencies’ price, have reduced by 35.70% in the past few months. According to the study conducted, exchanges such as Kraken, Poloniex, Coinbase and Upbit were the cleanest exchanges in terms of real trading volume. The report also detailed about OKEx and Bibox, which were diametrically opposite to aforementioned exchanges, as they have the highest percentage of wash trading in the list of top 40 crypto exchanges.
The report also revealed statistics on wash trading for the top five digital assets: Bitcoin [BTC] was wash traded by nearly 50% as compared to Ethereum’s 75%. Further, XRP was wash traded by 55%, and Litecoin by 74% as most of the wash trading activities were carried out over Bibox and Huobi exchanges.
It is important to note that Monero and Dash comprised the altcoins that were being wash traded by around 80% over the top 25 exchanges such as OKEx, Bibox, and Bithumb. It was also noted that these fake volumes can be majorly attributed to the wash trading activities being carried out over major South Korean exchanges despite regulations. Maker Dao, Binance Coin, and LEO were noted to be the least wash traded altcoins, with less than 25% each, over top 25 exchanges.
It is evident from the above graph that USDT stable coin accounted for 94% of the actual stable coin trading volume moving in the market. Moreover, considering the wash trading parameter, USDT had the highest value of 67.3% over the top-40 leading exchanges. USDC came out clean as it recorded just 7% of the global wash trading volume, that was the lowest recorded value for altcoins. TUSD and PAX also joined the list with 12% and 13.7% of the total wash trading volume respectively, that were recorded over the top 40 exchanges.