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More than half of the total daily trading volume of Bitcoin is said to be fake, as the world’s largest cryptocurrency nosedives again in the global economic crisis.
According to Forbes’ analysis of 157 crypto exchanges and trading platforms, more than half (51 percent) of the reported trading volume may be fake or uneconomic.
“We estimate that the global daily bitcoin volume for the industry on June 14 was $128 billion. This is 51 percent less than what one would get by taking the $262 billion from multiple sources,” the report said.
Bitcoin represents 40 percent of the $1 trillion global crypto market.
According to the report, “even among the industry’s most famous research organizations” there is no real method to calculate the daily amount of bitcoin.
“For example, CoinMarketCap puts the latest 24-hour bitcoin trading volume at $32 billion, CoinGecko at $27 billion, Nomix at $57 billion, and Mesary at $5 billion,” the report said.
As for how much Bitcoin activity takes place, 21 crypto exchanges generate $1 billion or more in daily trading activity, while the next 33 exchanges had volumes between $200 million and $999 million.
Binance is the leader with a market share of 27 percent, followed by FTX. Chicago-based CME Group is a market leader in bitcoin futures trading.
After showing some stabilization over the past few weeks, the world’s largest cryptocurrency Bitcoin has once again fallen below $20,000 following a keynote from Federal Reserve Chairman Jerome Powell.
After falling below $20,000 in June, the price of Bitcoin has been stable around $23,000 to $24,000.
— No matter
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(Only the title and image of this report may have been reproduced by Business Standard staff; the rest of the content was generated automatically from the syndicated feed.)
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