Original source: Bybit

Bybit, the world’s second-largest cryptocurrency trading platform, today announced the launch of the industry’s first initiative to fully disclose all clearing data on the platform to users with a fully upgraded API. Thanks to this bold move, Bybit will be able to completely enhance market transparency, while allowing institutional investors, analysts and trading users to grasp instant and in-depth market dynamics, and successfully gain an absolute advantage in the rapidly evolving cryptocurrency field.

In line with the current cryptocurrency community’s pursuit of high transparency, Bybit has enhanced its API functions with the latest WebSocket theme-“All Liquidations.” Unlike the previous restriction of each transaction to only one message per second, the current comprehensively upgraded data stream can provide real-time clearing data every 500 milliseconds, ensuring that each clearing event can be recorded and disclosed in real time, helping to increase the openness of the virtual asset market and at the same time enhance transaction reliability with new standards.

Ben Zhou, co-founder and CEO of Bybit, said: “The real meaning of cryptocurrencies is transparency. By fully disclosing all clearing data to the public, we are actively responding to the cryptocurrency community’s demand for high market openness, ensuring that trading users and analysts have access to complete and real-time market data and are always strategizing.”

Disclosure of market reality

Ben recently emphasized the importance of providing accurate clearing data to the market, and pointed out that API restrictions have prevented the industry’s past data from fully reflecting the true scale of market activities. Currently, Bybit’s API updates are solving the problem and ensuring that all clearing events are fully disclosed in real time, providing trading users with a more complete and transparent market map.

The following initiatives will bring significant benefits to the cryptocurrency investment community:

·Market transparency:A comprehensive understanding of liquidation events allows users to further understand the true depth of the market, conduct more accurate analysis of market trends and the behavior of other investors, and greatly enhance confidence.

·Risk management:Real-time data helps investors accurately identify the support and resistance levels of assets, thereby more accurately predicting volatility peaks and improving the risk management framework.

·Strategic advantages:With the help of detailed and unfiltered market data, investors will be able to quickly plan future trading strategies, backtesting and prediction models, which is particularly important for institutions to maximize their earnings in the cryptocurrency market.

This time Bybit’s move will reshape the industry landscape, and the platform’s initiative on transparency has also caused waves in the industry. At present, CoinGlass, the industry-leading cryptocurrency analysis platform, has integrated the latest clearing data provided by Bybit into its interface, allowing a large number of user groups to accurately analyze various market events in a visual form.

Further inject a boost into institutional investors

Institutional investors are accelerating the adoption of cryptocurrencies. Bybit’s commitment to complete transparency means that the market has matured and is ready for mature funding. Bybit is committed to providing a reliable data base that greatly increases the confidence of hedge funds, asset managers and trading companies that are looking for partners.

About Bybit

Bybit is the world’s second largest cryptocurrency trading platform by transaction volume, serving more than 60 million users around the world. Since its establishment in 2018, Bybit has been committed to creating a simpler, open and equal ecosystem that redefines the openness of a decentralized world. We are deeply involved in the Web3 field, building strategic alliances with leading blockchain protocols, providing solid infrastructure, and promoting innovation on the chain. With safe and reliable asset custody, diversified trading markets, intuitive user experience and cutting-edge blockchain tools, Bybit has successfully built a bridge between traditional finance and decentralized finance, helping developers, creators and enthusiasts fully tap the infinite potential of Web3.

This article is from a submission and does not represent the views of BlockBeats