Bybit Enhances Transparency with API Update
Bybit made its liquidation data available to the public via an updated API, weeks after CEO Ben Zhou called out CoinGlass’ Bitcoin liquidation estimates.
In a Feb. 21 press release, Bybit said that the update gives traders, analysts, and institutions real-time access to detailed market activity, refreshed every 500 milliseconds.
“This makes every liquidation event reported and disclosed in a timely fashion, setting a new standard of transparency and auditability in the digital asset market.” – Bybit
The move was called by Zhou a “responsive measure to the crypto community’s call for openness,” as it provides traders and analysts with “full and real-time market data.”
Closing Gaps in Liquidation Data
Bybit’s most recent API update addresses past shortfalls in reported liquidation data, which were restricted by API limitations. The update ensures liquidations to be precisely shown and made readily accessible.
Crypto information leader CoinGlass has already integrated Bybit’s liquidation data into its site to enhance market analysis and openness.
Gigantic Liquidations Prompted API Transparency Initiative
Earlier this month, cryptocurrency traders lost big time as over $2.2 billion in liquidations poured into the market. Bitcoin dropped to $91,000, and Ethereum dropped 20% in one day. Analysts utilizing CoinGlass’ data compared the wipeout to the FTX implosion and the COVID crash.
Although, Zhou indicated on X that CoinGlass’ figures might have been underreported by API limitations imposed by Bybit. He also suggested other exchanges might have such limits but did not cite names.
Impact on the Crypto Market
With Bybit’s API upgrade, analysts and traders receive more precise data to analyze market movement, reduced speculation, and greater market transparency. Bybit is at the forefront of data availability in the crypto market by taking this initiative, setting a new path for industry openness.
Bybit’s live reporting of markets could make other exchanges take the same route, enhancing greater trust and precision in liquidation reporting.
