OVER HALF OF BITCOIN’S DAILY TRADING VOLUME FAKE GLOBALLY: REPORT

M0n 29 August 2022:

Amid biggest cryptocurrency in the world continues to decline under a turbulent global economy, according to new report, more than half of all daily trading volumes in Bitcoin are false.

More than half (51%) of all stated trading volume is likely to be fraudulent or non-economic, according to a Forbes investigation of 157 cryptocurrency exchanges and trading platforms.

“We estimate the global daily bitcoin volume for the industry was $128 billion on June 14. That is 51 per cent less than the $262 billion one would get by taking the sum of self-reported volume from multiple sources,” the report mentioned.

Bitcoin represents 40 per cent of the $1 trillion global crypto market.

According to the report, there is no genuine method of calculating bitcoin daily volume, “even among the industry’s most reputable research firms”.

“For example, CoinMarketCap puts the latest 24-hour trading of bitcoin at $32 billion, CoinGecko at $27 billion, Nomics at $57 billion and Messari at $5 billion,” the report revealed.

In terms of how much Bitcoin activity takes place, 21 crypto exchanges generate $1 billion or more in daily trading activity, while the next 33 exchanges had volume between $200 million and $999 million.

With a 27% market share, Binance is in first place, followed by FTX. The CME Group, based in Chicago, dominates the market for trading bitcoin futures.

The largest cryptocurrency in the world, Bitcoin, has once again fallen below $20,000 following Federal Reserve Chair Jerome Powell’s keynote speech after exhibiting some signs of stabilization in recent weeks.

After falling below $20,000 in June, bitcoin prices had stabilized around the $23,000 to $24,000 range.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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