Bybit reveals real-time liquidation data after underreported figures

On Friday, crypto exchange Bybit opened its liquidation data to the public through its enhanced application programming interface (API).

The exchange insists that it will now provide traders, analysts, and crypto institutions with real-time market activity updates every 500 milliseconds, up from its previous rate of one message per symbol per second.

Bybit claims that it is establishing a new level of openness and transparency in the crypto market

Earlier this month, the liquidation data provider CoinGlass reported that 730,000 traders liquidated $2.24 billion, with $333 million worth of liquidations on Bybit. CEO Ben Zhou disagreed with those numbers, claiming the data firm underestimated the figures.

On February 3, he posted on X, saying:

I am afraid that today’s real total liquidation is a lot more than $2B; by my estimation, it should be at least around $8-10b. FYI, Bybit 24hr liquidation alone was $2.1B.

– Ben Zhou

He added that other exchanges have similar data limits, but he said Bybit will reveal all its liquidation numbers from here on out since it believes in transparency. The exchange has now upgraded its API to provide real-time updates on its market activity and liquidations every 500 milliseconds. In its press release, the firm said that with this latest update, it is setting a new standard of openness in the crypto market.

Zhou has further pointed out that the real essence of crypto is transparency and that, as such, they are meeting the crypto community’s demand for openness by making their data public.

Bybit refuses to list the Pi token despite other exchanges’ approval of the asset

While OKX, Bitget, and other major exchanges have rushed to accept and list the Pi token, Zhou is pushing back, calling the token a scam.

Zhou has maintained that he will not list the token, especially since some authorities, including Chinese officials, have warned against it. For years, the Pi Network has been scrutinized for its opaque operations, mainnet launch delays, and pyramid scheme-like recruitment model. The recent listing of its token by several centralized exchanges has raised even more questions about its validity.

Zhou argued that if the Pi token is legitimate, then the network should respond to the concerns raised and not resort to childish attacks.

Cryptopolitan Academy: Are You Making These Web3 Resume Mistakes? - Find Out Here