Crypto exchange Bybit has opened its liquidation data to the public through an enhanced API, aiming to increase transparency in the cryptocurrency market.
Transparency in the Cryptocurrency Market
Bybit now provides traders, analysts, and crypto institutions with real-time market activity updates every 500 milliseconds, improving from its previous rate of once per second per symbol. The upgraded API is intended to set a new standard of openness in the industry.
Debates Over Liquidations
Earlier this month, CoinGlass reported that 730,000 traders were liquidated for a total of $2.24 billion, with $333 million on Bybit. However, Bybit CEO Ben Zhou disagreed with these figures, claiming the real total liquidation is much higher, around $8-10 billion. According to Zhou, Bybit's 24-hour liquidation alone was $2.1 billion.
Refusal to List Pi Token
While exchanges like OKX and Bitget have accepted the Pi token, Ben Zhou has criticized it as a scam. He points out that the Pi Network is accused of opaque operations and network launch delays. Zhou emphasizes that if the Pi token is legitimate, the network should address the raised concerns.
Bybit's moves to enhance transparency could set a new standard in the crypto market, while the exchange's stance on the Pi token shows their commitment to verifying the legitimacy of digital assets.
