Cryptocurrency bigwigs delay CoinMarketCap.com over data glitches – BollyInside

The finger-pointing has effectively begun after data glitches resulted in the concise presentation of astronomical gains for some digital currencies late Tuesday. Crypto.com Chief Executive Kris Marszalek accused famous data supplier CoinMarketCap.com and said it was working to eliminate the “unreliable price feed” from its site. Coinbase Global Inc. President and Chief Operating Officer Emilie Choi likewise refered to awful pricing data from CoinMarketCap.com, which is own by rival trade Binance. The incident was “indicative of an emerging industry,” Choi said during a meeting Wednesday at the Bloomberg Technology Summit. Coinbase, the biggest U.S. crypto trade, has in excess of 70 million clients around the world.

Coinbase didn’t respond to questions on how much its pays for CoinMarketCap’s data feed. Crypto.com declined to comment.

While the exact cause of the glitches is still unclear, some industry members point to the possible role of API, or application programming interface. Websites use APIs to talk to each other, and a website can make its APIs available so other websites can embed their data, for example.

Technical glitches have long plagued the cryptocurrency world, with many exchanges often having trouble processing transactions during period of high trading activity. The feature of anonymity that has been a selling point since the development of cryptocurrencie has also made it difficult to resolve hacks and thefts.

“For these markets to be perceived as credible by institutions and regulators, we need reliable and transparent data sources,” said Nic Carter, who co-founded Coin Metrics, a crypto data platform.

“The perception here is it happens quite often to the level that people start to get impatient,” said Owen Lau, an analyst at Oppenheimer & Co. “While people are still looking for the root cause, I won’t be surprised to hear that people would blame the client facing app like Coinbase even if the problem comes from the data supplied by the third party.”

News Summary:

  • Cryptocurrency bigwigs delay CoinMarketCap.com over data glitches
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