Questions As Bitfinex Provides What Should Be Unavailable Data On USDT/USD
However, the crypto sector is in surprise mode after Bitfinex relayed data on USDT/USD considering it does not offer to trade the pair.
Bitfinex On The Spot Over USDT/USD Pair
Crypto market data provider CoinMarketCap shows that the Bitfinex exchange platform’s pair of USTD/USD is one with the trading volume. A look at the data, over the last one day, the pair is in second with $48 million. From an outside view, investors on Bitfinex are trading largely in the pair more so than ethereum, XRO and EOS together.
However, this is not precise since the exchange does not provide trading in the pair. This was confirmed by the exchange’s representative. Investors have the ability to deposit and withdraw the pair on the exchange. Consequently, the platform can be used to facilitate the movement of the pair. However, this entire process is too slow and involved.
Now the query is about the data's source, considering that Bitfinex does not offer trading USDT/USD. In simple terms, it is curious. It is important to note that Bitfinex has management in common with Tether which issues USDT. Over recent days, USDT has been at the center of controversy after it dropped vis-a-vis the dollar.
Carylyne Chan from CoinMarketCap's confirmed that the data was issued by Bitfinex’s public portal. The API remits the data to third-party applications that seek to learn more about crypto exchanges. The official stated that the data aggregator is in a confusion state just like the general public.
Chan added that the data might be misleading and they have taken up the initiative to follow up with Bitfinex. They want to get a clarification on the meaning of the results. By press time, officials from Bitfinex had not responded to the queries. The focus is on determining if the $48 million figure stands in for a trading pair that does not exist.
Kasper Rasmussen had contacted CoinDesk stating that the figure might stand in for deposits. He clarified that they do not have that pair for trade. According to Kasper, Tether only serves the purpose of transport on the exchange. This implies that Tether can be withdrawn instantly in fiat. Rasmussen later contacted CoinDesk stating that the platform only monitors the USDT/USD pair.