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CRYPTOCURRENCY PRICE IN INDIA, January 29, 2022
Crime Science volume 7 , Article number: 18 Cite this article. Metrics details. Pump-and-dump schemes are fraudulent price manipulations through the spread of misinformation and have been around in economic settings since at least the s. With new technologies around cryptocurrency trading, the problem has intensified to a shorter time scale and broader scope. The scientific literature on cryptocurrency pump-and-dump schemes is scarce, and government regulation has not yet caught up, leaving cryptocurrencies particularly vulnerable to this type of market manipulation.
This paper examines existing information on pump-and-dump schemes from classical economic literature, synthesises this with cryptocurrencies, and proposes criteria that can be used to define a cryptocurrency pump-and-dump. These pump-and-dump patterns exhibit anomalous behaviour; thus, techniques from anomaly detection research are utilised to locate points of anomalous trading activity in order to flag potential pump-and-dump activity.
The findings suggest that there are some signals in the trading data that might help detect pump-and-dump schemes, and we demonstrate these in our detection system by examining several real-world cases. Moreover, we found that fraudulent activity clusters on specific cryptocurrency exchanges and coins. The approach, data, and findings of this paper might form a basis for further research into this emerging fraud problem and could ultimately inform crime prevention.
Cryptocurrencies have been increasingly gaining the attention of the public, and their use as an investment platform has been on the rise. These digital currencies facilitate payments in the online sector without the need for a central authority e.
The market for cryptocurrencies is rapidly expanding, and at the time of writing currently had a market capitalisation of around billion US dollars CoinMarketCap making it comparable to the GDP of Denmark Cryptocurrency Prices Despite the vast amounts of money being invested and traded into cryptocurrencies, they are uncharted territory and are for a large part unregulated. The lack of regulation, combined with their technical complexity, makes them an attractive target for scammers who would seek to prey on the misinformed.
Thus, this paper will give an overview of what is currently known about the topic from blogs and news sites. To provide a theoretical angle, economic literature related to the topic is examined, and this information synthesised with cryptocurrencies by highlighting the similarities and potential differences. As these patterns are a type of anomaly, literature on anomaly detection algorithms is also discussed. A pump-and-dump scheme is a type of fraud in which the offenders accumulate a commodity over a period, then artificially inflate the price through means of spreading misinformation pumping , before selling off what they bought to unsuspecting buyers at the higher price dumping.
Since the price was inflated artificially, the price usually drops, leaving buyers who bought on the strength of the false information at a loss. While we do not provide a rigorous crime script analysis see Borrion ; Keatley ; Warren et al. The accumulation phase usually occurs incrementally over a more extended period of time, in order to avoid raising the price before the pump. Cryptocurrencies are a digital medium of exchange, and they usually rely on cryptography instead of a central institution to prevent problems like counterfeiting.
For example, the most popular cryptocurrency is Bitcoin BTC , and some of its benefits are that it allows for trustless and de-centralised transactions since it is impossible to reverse a payment, and there are no third parties e. In traditional financial systems, a customer trusts the third-party e.
To the contrary, with Bitcoin, this ledger is distributed across a network, and everyone on the network possesses a copy and can—in principle—verify its contents. That public ledger is known as the blockchain and is the core technology upon which Bitcoin and many other cryptocurrencies rest.
In this paper, we set out to achieve three primary goals. Second, we utilise these indicators and propose an automated anomaly detection approach for locating suspicious transactions patterns. In the early eighteenth century, con artists who owned stock in the South Sea Company began to make false claims about the company and its profits. The goal was to artificially raise the price of the stock, and then sell it off to misinformed buyers who were led to believe that they were buying a promising commodity.
Microcap stock exchanges are not held to the same standard of regulation, which implies that there is usually not as much information about the companies that are listed making them easier to manipulate. Access to and the verification of information is typically more difficult with microcap companies. Misinformation about the stocks is often spread through email spam which has been found to have a net positive effect on the stock price i.
The number of members in some of these groups is reported to have been as high as ,, with smaller groups still running about Martineau Estimating the full scope of the damages caused by cryptocurrency pump-and-dumps is difficult; yet there is some evidence to show that such schemes are generating millions of dollars of trading activity. The Wall Street Journal published an investigative article that looked at public pump-and-dump groups and 6 months of trading activity.
This gives a glimpse of how much monetary activity is generated by these groups, the impact of which could be even greater as many groups presumably operate in private or invite-only groups. Example of a pump-and-dump chat group with over 40, members. Right: Corresponding exchange data Binance of the targeted coin Yoyo showing the effect of the pump.
The yellow, purple, and maroon lines represent the moving average for the last 7, 25, and 99 days respectively. The pump-and-dump procedure usually consists of the group leaders declaring that a pump will take place at a particular time on a particular exchange, and only after the specified time will the coin be announced see Fig.
After the coin is announced members of the group chat try to be amongst the first to buy the coin, in order to secure more profits. Indeed, if they are too slow, they may end up buying at the peak and be unable to sell for a profit. During the pumping phase, users are often encouraged to spread misinformation about the coin, in an attempt to trick others into buying it, allowing them to sell easier.
The misinformation varies, but some common tactics include false news stories, non-existent projects, fake partnerships, or fake celebrity endorsements Martineau ; Town Within 5 min. Anything which creates a general air of positivity is fair game because the goal is to dump their coins on unwitting investors who have not done their due diligence, by preying on their fear of missing out on the next big crypto investment.
In a move to secure profit for themselves, many pump-and-dump group leaders will often use their insider information to their advantage: because they know which coin will be pumped, they can pre-purchase the coin for a lower price before they announce it. This guarantees them profit while leaving other users to essentially gamble on whether or not they can predict the peak. The fear of missing out and the potential to beat the odds might drive prospective cryptocurrency investors into joining a pump.
Group leaders can also guarantee profits by offering access to the pump notification at an earlier stage prior to the group-wide announcement, in exchange for payment. Due to the fact that the technology behind cryptocurrencies is relatively new, and that most exchanges are unregulated, pump-and-dump manipulation is currently not always illegal; and even where it is, it cannot always be easily enforced.
Commodity Futures Trading Commission Mitigating and preventing pump-and-dump schemes will require knowledge about their operation, and thus the detection of these pump-and-dump schemes is a step towards the goal of mitigation. Table 1 summarises some of the key similarities and differences with the respect to the target, tactic, and timescale of traditional penny stock and crypto pump-and-dump schemes. However, in general, it appears that as a result of different tactics the time scale has been narrowed and moved towards near real-time.
The volume and price are discussed with an estimation window , referring to a collection of previous data points, of some user-specified length. For example, a moving average over a previously defined time period could be used, which would allow for discussing spikes with regards to some local history.
To obtain data for analysis, the CCXT Ccxt library was used which provides a unified way to programmatically access the data from a variety of cryptocurrency exchanges using the python programming language. Despite the unified access, the exchanges still differ in the amount of historical data they serve, and in the cryptocurrencies, they have listed.
Therefore, decisions had to be made on what data to obtain. Cryptocurrencies are listed on exchanges in symbol pairs denoting which currencies are trading for which. The top and bottom wicks represent the highest and lowest value respectively, while the coloured candle represents whether the closing price was higher than the opening price green or lower than the opening price red.
The top of a green candle is the closing price, and the bottom is the opening price, and vice versa for a red candle. Candles can represent a variety of timeframes, but they often represent 30 min, 1 h, or 24 h. Smaller candle sizes mean more data per time period, so usually the smaller the candle size, the fewer days one can retrieve from an exchange, due to imposed limitations on the amount of data retrievable using their API.
One-hour candles were chosen as a compromise between the resolution of the data and the amount of historical data available. However, not all of these permit the public retrieval of historical data. After filtering for those conditions, 24 exchanges remained. To make the results more robust, the 24 candidate exchanges were filtered further to exchanges with at least 50 symbol pairs and at least 20 days of historical 1-h OHLCV data. Therefore, we resorted to an automated detection approach using anomaly detection.
Data points which do not conform to the rest of a dataset are often referred to as anomalies or outliers. Anomaly detection is the process of identifying these non-conforming points Chandola et al.
Anomaly detection techniques can be broadly categorised into supervised and unsupervised anomaly detection. The latter hinges on the ability to acquire an adequately sized training set, something which is often challenging. Conversely, unsupervised techniques rely on the assumption that anomalies are a rare occurrence in the data to prevent an excess of false signals.
There are various types of anomalies, which have been grouped into three major categories by Chandola et al. Point anomalies are merely points in the data which are anomalous to the rest of the data. Collective anomalies, on the other hand, refer to a situation in which one single data point may not be anomalous by itself. Instead, a co-occurrence or temporal proximity of anomalous data points might indicate behavior that is anomalous e. For example, a warm temperature in the winter would be anomalous, but in the summer would be considered normal.
In the context of this paper, unsupervised anomaly detection will be the focus, as no labelled training data is currently available for cryptocurrency pump-and-dump schemes see Discussion. Conditional anomalies consider contextual information about the setting Song et al. This is described through indicator variables , of which the values may be directly indicative of an anomaly, and environment variables , whose variables are not directly indicative of an anomaly.
The indicator variables are determined to be anomalous depending on the values of the environmental variables. In the current context this means the goal is to locate the breakout indicators, with respect to the reinforcers Table 2. For the scope of this paper, we do not consider the reinforcer of whether a symbol pair was present on multiple exchanges, due to the amount of data available.
Thus, the goal is to locate corresponding price and volume spikes of coins with a low market cap that are trading for other cryptocurrencies.
The anomaly detection technique utilised is a thresholding technique, inspired by previous research regarding denial of service attacks on a network Siris and Papagalou For a particular value, a simple moving average is computed by taking the average of previous values in a given time window, the length which is known as the lag factor. In this way, one can compare a value to the trend over a time period, as opposed to a singular value, allowing for the detection of local anomalies in comparison to recent history.
This type of thresholding algorithm, allows us to provide a functioning baseline which further research could then expand upon with more sophisticated algorithms. Additionally, as more is learned about cryptocurrency pump-and-dump schemes, it is likely that more domain information e. If the high price at any given point is greater than the computed anomaly threshold for that point, then the point is determined to be anomalous.
An instance x is a particular observation in the time series that is associated with the respective OHLCV values. The goal is to detect local conditional point anomalies, that is the co-occurrence of both a price anomaly and a volume anomaly.
There are perhaps other contextual indicators that could be investigated, though for the scope of this paper, only the two mentioned above will be looked at. The market cap of a coin is defined as its price times the supply, and represents a way of judging the popularity, or size, of a coin.
As the year comes to a close, we almost can say with certainty that we've witnessed history -- and it has nothing to do with the impressive performance put on by stocks this year. Instead, all the glory should to go to cryptocurrencies, which left traditional equities eating their dust. But as of Dec. Bitcoin, the largest virtual coin by market cap, often gets most of the credit for this rally. It was the first tradable cryptocurrency, has more merchants that accept it as a form of payment than any other altcoin, and is hands down the most popular and news-driven cryptocurrency in the world. For much of the year, it comprised well over half of the aggregate virtual currency market cap. While it's tough to pinpoint why that is, my suspicion is that investors are too busy looking for the next bitcoin to actually invest in bitcoin itself.
Import CoinMarketCap Data to Google Sheets
Times Internet Limited. All rights reserved. For reprint rights. Times Syndication Service. Choosing the best cryptocurrency exchange — your options and how to pick between them Advertisement. Madana Prathap. Top cryptocurrency exchanges in India and how to pick the one you like best Canva. A crypto exchange serves a critical role in the world of cryptocurrency, converting everyday money into digital coins and vice versa. More investors in India are jumping onboard to grow their wealth, hedge against inflation and diversify their investments. Indian cryptocurrency investors currently have over ten exchanges open for business — and more are poised to enter the country.
Crime Science volume 7 , Article number: 18 Cite this article. Metrics details. Pump-and-dump schemes are fraudulent price manipulations through the spread of misinformation and have been around in economic settings since at least the s. With new technologies around cryptocurrency trading, the problem has intensified to a shorter time scale and broader scope.
Bitcoin price news – live: Crypto market surges as Russia and Turkey explore cryptocurrency
Tesla CEO Elon Musk shook the crypto market earlier this year when he said his company would no longer accept Bitcoin for vehicle purchases. His May 13 tweet cited an increase in the use of coal and other fossil fuels to generate the power used for mining as the reason behind his decision. Bitcoin's value dropped after that tweet and continued to fall for weeks. Bitcoin, Ethereum, Dogecoin and other popular cryptos reached record or near-record highs this year, raising concerns about the amount of energy needed to mine the coins. Warehouses of Bitcoin mining rigs run 24 hours a day, consuming more power than the whole of Argentina. As the energy bill for crypto mining rises, so does the amount of carbon and waste, adding to the growing climate crisis.
A Comparison of Cryptocurrency Price Trackers
The query time range of both endpoints are shortened to support data query within the last 6 months only, where startTime does not support selecting a timestamp beyond 6 months. If you do not specify startTime and endTime, the data of the last 7 days will be returned by default. The time between startTime and endTime cannot be longer than 30 days. If startTime and endTime are both not sent, then the last 30 days' data will be returned. To ensure your trading strategies are not affected, all API users are encouraged to upgrade trading bots to SAPI endpoints as soon as possible. On April 28, UTC the weights to the following endpoints will be adjusted:. If there are any performance issues with accessing api.
Six cryptocurrency tips (and five mistakes to avoid)
The Sandbox price is preparing for a powerful upswing that could take the token to a high of. Show coin info. BTC price is down Also, Binance extremely easy to use and learn.
Unlike trading stocks and commodities, the cryptocurrency market isn't traded on a regulated exchange. Successful crypto traders understand that, although the market for digital currency is open nonstop, more trades are successful if transacted when global market activity is high. Outside the hours of these global markets, trading can be light, potentially resulting in weaker exchange rates and difficulty in selling your coins. Our time converter displays open and close times for global markets in your local time zone so that you can gauge when volume might be highest to make exchanging cryptocurrencies easier. A market's peak trading hours is typically 8 a. These are the trading hours that usually drive the highest trade volume in each region.
BitMEX Group is pursuing the ambitious goal of establishing a one-stop shop for regulated crypto products in Germany, Austria, and Switzerland, and thus becoming a strong player in Europe — in addition to our global ambitions. Read on to see how you can qualify for our new offers. From 20 January onwards, you can use our Crypto Converter to convert Bitcoin into Tether ERC — and vice versa — with more coin conversions to be introduced soon. Abstract: In this piece we attempt to compare and evaluate the differences in the blockchain size and data storage requirements, for Bitcoin and Ethereum. On the other hand, this metric is not a particularly useful comparison, as to learn useful information about the Ethereum network one needs to perform significantly more computations and generate far more data.
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