After the controversies – Coinmarketcap excludes Bitfinex’s bitcoin price from average calculation

After the controversies – Coinmarketcap excludes Bitfinex's bitcoin price from average calculation.

Image source: Shutterstock / Bitfinex

Christian Ploog

christian.ploog@trijo.co

At the moment, the bitcoin price is several hundred dollars higher at Bitfinex compared to other major crypto exchanges.

Coinmarketcap has long been one of the biggest sites that track and compile prices, trading volumes and market cap for most cryptocurrencies in the world. Now, the site has excluded the bitcoin price provided by the Hong Kong-based crypto exchange Bitfinex from its average bitcoin price calculation, Coindesk reports.

Instead, an asterix is ​​displayed next to the bitcoin price for the bitcoin/US dollar trading pair at Bitfinex. At the bottom, it says “Price excluded”.

Coinmarketcap excludes Bitfinex.

Coinmarketcap excludes Bitfinex. Image source: Coinmarketcap

According to Coinmarketcap, some prices are excluded in the average calculation “if the price does not seem indicative of a free market price”.

At the moment, the bitcoin price is several hundred dollars higher at Bitfinex compared to other major crypto exchanges.

Controversies

The exclusion of the bitcoin price from Bitfinex also comes after several controversies around the crypto exchange recently. Last month, the New York attorney general accused Bitfinex of losing $850 million of company and customer money. The crypto exchange allegedly then used the stablecoin tether, which the exchange’s owners are behind, to cover the shortfall.

Bitfinex itself claims that the money has been seized by various authorities and that they are working on retrieving the funds.

According to reports, Bitfinex is also raising money by issuing a new token in the form of an initial exchange offering (IEO), Coindesk reports.

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