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Sunday, February 5, 2023

50% Of All Bitcoin Transactions Found To Be Fake: $262 Billion Of Fake Transactions Across The Globe!

More than half of Bitcoin daily trading volumes appear to be fake as the world’s largest cryptocurrency nosedives again amid global economic turmoil.

50% of Trading Volume Fake

More than 50% of all reported trading volume in the Forbes analysis of 157 crypto exchanges and trading platforms is likely to be fake or non-economic.

The report states, “We estimate the global daily bitcoin volume for the industry was $128 billion on June 14. That is 51 per cent less than the $262 billion one would get by taking the sum of self-reported volume from multiple sources”.

Out of the $1 trillion global crypto market, 40% is represented by Bitcoin.

As per the reports, even amongst the industry’s most reputable research firms, there is no genuine method of calculating daily bitcoin volume.

The report revealed that “For example, 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”.

Speaking of the Bitcoin activity, 21 crypto exchanges generated $1 billion or more in daily trading activity, while the next 33 exchanges had volume between $200 million and $999 million.

Leading the pack with 27% market share is Binance, which FTX follows. Chicago-based CME Group is the market leader in bitcoin futures trading.

Bitcoin Nosedived Post Powell’s Keynote Address

After the keynote address by Federal Reserve Chair Jerome Powell, the world’s largest cryptocurrency Bitcoin, has plunged once again below $20,000. This comes after Bitcoin showed some stabilization in the last few weeks.

Before plunging below $20,000 in June, the prices of Bitcoin stabilized around the $23,000 to $24,000.

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