According to reports, more than half of all daily trade volumes in Bitcoin are false as the biggest cryptocurrency in the world continues to decline under a turbulent global economy.
More than half (51%) of all stated trade activity is likely to be fraudulent or non-economic, according to a Forbes investigation of 157 cryptocurrency exchanges and trading platforms.
“On June 14, our estimate for the industry’s daily worldwide bitcoin volume was $128 billion. That is 51% less than the $262 billion that would be obtained by adding the total self-reported volume from various sources “the story made reference of
40% of the $1 trillion global crypto industry is made up by Bitcoin.
According to the paper, “even among the industry’s most reputed research organisations,” there is no accurate way to determine bitcoin daily volume.
For instance, according to CoinMarketCap, the most recent 24-hour trade of bitcoin was worth $32 billion, CoinGecko was worth $27 billion, Nomics was worth $57 billion, and Messari was worth $5 billion.
21 cryptocurrency exchanges produce $1 billion or more in daily trading volume for Bitcoin, while the next 33 exchanges saw traffic between $200 million and $999 million.
With a 27% market share, Binance is in first place, followed by FTX. The CME Group, located 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 stabilisation in recent weeks.
After falling below $20,000 in June, bitcoin prices have stabilised around the $23,000 to $24,000 range.
