Bitfinex Wants to end Market Manipulation With its Shimmer Tool
In the cryptocurrency world, there are often concerns regarding market manipulation and price rigging. Bitfinex wants to nip that situation in the bud through its new Shimmer tool.
It is up to centralized trading platforms to prevent price manipulation or price rigging at all times.
Shimmer is an interesting Concept
Some companies are a lot more proactive in this particular department.
Bitfinex, an exchange often criticized for some reason or other, is trying to do its part.
By launching the Shimmer tool, the company wants to address market manipulation whenever possible.
Shimmer will be integrated into the exchange’s native trade matching engine.
Users of the exchange should receive an alert through emails of unusual trading activity spotted on the exchange.
It is still up to individual users to effectively take notice of what is going on exactly, and act accordingly.
Whether market manipulation can ever be put to an end completely, is a different matter altogether.
Shimmer is a very interesting tool, and will serve as a “surveillance system” first and foremost.
For now, the tool will primarily focus on identifying patterns for spoofing and other practices confirming malicious activity.
Depending on the success of this venture, other exchanges may embrace similar methods.
Ending market manipulation in the crypto space will not come easy by any means.
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