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

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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.

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