Wash trading at cryptocurrency exchanges

被引：37
|
作者：
Le Pennec, Guenole [1 ]
Fiedler, Ingo [1 ,2 ,3 ]
Ante, Lennart [1 ,2 ]
机构：
[1] Blockchain Res Lab, Max Brauer Allee 46, D-22765 Hamburg, Germany
[2] Fac Business Econ & Social Sci, Von Melle Pk 5, D-20146 Hamburg, Germany
[3] Concordia Univ, Fac Arts & Sci, Dept Sociol & Anthropol, 1455 De Maisonneuve West, Montreal, PQ H3G 1M8, Canada
来源：
FINANCE RESEARCH LETTERS | 2021年 / 43卷
关键词：
Bitcoin; Ethereum; Blockchain; Trading volume; Fake volume; Market manipulation;
D O I：
10.1016/j.frl.2021.101982
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
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.
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页数：7
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