San Francisco, Aug 28 : More than half of all Bitcoin daily trade volumes are believed to be fake the world’s most popular cryptocurrency plunges again amid the global economic crisis. According to an Forbes study of 157 trading platforms and crypto exchanges more than half (51 percent) of all reported trading volume is likely to be fraudulent or not economic.
“We believe that the global daily bitcoin transaction volume in the market to be $128 billion on the 14th of June.That’s 51 percent smaller than the $262 million figure you would be able to get by taking the total of self-reported volume from a variety of sources” in the report.
Bitcoin is 40 percent of the $1 trillion crypto market worldwide.
The report states that there’s no reliable method of quantifying the daily volume of bitcoin, “even among the industry’s most trusted research organizations”.
“For instance, 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 the amount of Bitcoin activity is taking place 21 cryptocurrency exchanges generate 1 billion or more in daily trading and the following 33 exchanges had volumes between $200 million to $999 million.
Binance is the market leader with 27 percent market share then FTX.CME Group is based in Chicago.CME Group is the market leader in bitcoin futures trading.
After showing some signs of stabilisation in the past few weeks, the largest cryptocurrency Bitcoin has fallen once more below $20,000 following Federal Reserve Chair Jerome Powell’s keynote address.
Bitcoin prices have stabilized between $23,000 and $24,000 level following a plunge to below $20,000 in June.
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