2.6 C
London
Sunday, February 5, 2023

More than half of Bitcoin’s daily trading volume is fake worldwide: report

Must read

Former aspiring assistant accuses George Santos of ethical violations and sexual harassment

Rep. George Santos, RN.Y., the freshman congressman accused of fabricating key parts of his resume, is accused of ethical violations and sexual harassment...

Google tries to reassure investors about AI’s progress while ChatGPT gives it a breath • londonbusinessblog.com

Google tried to reassure investors and analysts during its quarterly results on Thursday that it is still a leader in AI development. The...

Samooha launches with technology that enables companies to share data securely • londonbusinessblog.com

Samooha, a startup developing a “cross-cloud” data collaboration platform, today announced it has raised $12.5 million in a tranche of funding backed by Altimeter...

Brielle Barbusca- Wiki, age, height, net worth, boyfriend, ethnicity

Brielle Barbara is an American actress best known for her role as the onscreen daughter of Debra Messing in the American blockbuster series The...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

More than half of all daily Bitcoin trading volumes are reportedly fake as the world’s largest cryptocurrency plunges again amid global economic turmoil.



According to an Forbes analysis of 157 crypto exchanges and trading platforms, probably more than half (51 percent) of all reported trading volume is fake or non-economic.

“We estimate that the global daily bitcoin volume for the industry as of June 14 was $128 billion. That’s 51 percent less than the $262 billion one would get by taking the sum of self-reported volume from multiple sources,” it said. the report.

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

According to the report, there is no real method to calculate the daily bitcoin volume, “not even among the most reputable research firms in the industry”.

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

In terms of how much Bitcoin activity is happening, 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.

Binance is the leader with 27 percent market share, followed by FTX. Chicago based CME group is the market leader in bitcoin futures trading.

After showing some stabilization in recent weeks, the world’s largest cryptocurrency Bitcoin has plunged below $20,000 again Federal Reserve Chairman jerome Powell‘s keynote address.

Bitcoin prices had stabilized around the $23,000 to $24,000 level after diving below $20,000 in June.

ALSO SEE :

Vodafone denies a report from a research firm saying that 20 million of its customers’ calling data has been leaked

Nifty50 stocks in the red excluding four stocks, more pain for IT costs ahead

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Former aspiring assistant accuses George Santos of ethical violations and sexual harassment

Rep. George Santos, RN.Y., the freshman congressman accused of fabricating key parts of his resume, is accused of ethical violations and sexual harassment...

Google tries to reassure investors about AI’s progress while ChatGPT gives it a breath • londonbusinessblog.com

Google tried to reassure investors and analysts during its quarterly results on Thursday that it is still a leader in AI development. The...

Samooha launches with technology that enables companies to share data securely • londonbusinessblog.com

Samooha, a startup developing a “cross-cloud” data collaboration platform, today announced it has raised $12.5 million in a tranche of funding backed by Altimeter...

Brielle Barbusca- Wiki, age, height, net worth, boyfriend, ethnicity

Brielle Barbara is an American actress best known for her role as the onscreen daughter of Debra Messing in the American blockbuster series The...

Elon Musk says bots with “good content” can use Twitter’s API for free

Elon Musk says Twitter will give bots that deliver "good content" free access to the Twitter API. As noted in a post on...