CoinMarketCap Excludes Bitfinex’s Bitcoin Price From Average Calculation
Cryptocurrency data provider CoinMarketCap excluded the price of bitcoin provided by the troubled cryptocurrency exchange Bitfinex from the calculation of its global average.
At the Bitfinex exchange, bitcoin seems to be trading at a premium of around $300 than the market rate. As of 8 am ET, the price of bitcoin at Coinmarketcap was $5,947.12, while Bitfinex’s bitcoin price was $6,239.92.
On CoinMarketCap website, the BTC/USD data shows a single asterisk mark next to Bitfinex’s bitcoin price, and the footnote says “Price excluded.” As per the site, an asterisk on the markets tab indicates that the price does not seem indicative of a free market price.
Bitfinex continues to be mired in troubles. Last January, Bitfinex and its affiliated stablecoin operator Tether were subpoenaed by the U.S. Commodity Futures Trading Commission.
In late April, The New York Attorney General’s or NYAG office announced that an investigation by prosecutors found that Bitfinex used funds from Tether to secretly cover the shortfall arisen from the loss of $850 million customer and corporate funds.
NYAG said it obtained a court order against iFinex Inc., which operates Bitfinex and Tether, warning it not to violate New York law and defraud New York residents in future.
As per reports, Bitfinex sent $850 million of customer and corporate funds to Crypto Capital Corp., a payment processor.
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