• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Saturday, January 28, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

A new study reveals that 51% of Bitcoin’s trading volume isn’t real

August 27, 2022
in Crypto News
Reading Time: 3 mins read
A A
ShareShareShareShareShare

Related articles

Lawyer Predicts Grayscale’s Win Against The SEC In Supreme Court

January 28, 2023

NFT Collection Laid Back Llamas Collection Price, Stats, and Revi…

January 27, 2023

  • A Forbes report claims that Bitcoin trading volume on June 14 wasn’t $262 billion but $128 billion.
  • The report explains why exchanges report false figures.

A new study of 157 crypto exchanges by Forbes has revealed that Bitcoin’s transaction volume reported by these exchanges is usually lesser than what they report. The report cited the instance of figures on June 14. It stated that the Bitcoin transaction volume on that day was $128 billion. A far cry from the $262 billion that these exchanges report.

Thus, indicating that 51 percent of all Bitcoin transactions reported are false. The Forbes report also states that Tether plays a huge role in spot Bitcoin trades. Stablecoins are responsible for the majority of Bitcoin trades. Nevertheless, US Dollar, South Korean Won, and Japanese Yen are among the top fiat currencies involved in a large percentage of trades.

According to Forbes, more than 90 percent of Bitcoin’s liquidity is against Tether’s USDT or the fiat USD. However, there is a significant non-dollar demand from South Korea, Japan, Turkey, and other parts of Europe. The study also revealed that Bitcoin perpetual trading, spot trading, and futures trading in that order represent large portions of Bitcoin trades.

27 percent of all Bitcoin trades occur on Binance

The report classified exchanges into three groups depending on the difference between their actual volume and the volume they reported. Based on trading volume, the study discovered that Binance, FTX, and OKX are the top three exchanges.

Then, they are followed by Huobi Global, Crypto.Com, Bybit, Bitget, Bing, Mexc Global, and KuCoin in no particular order. The report further notes that FTX, OCX, and Crypto.Com are exchanges with up to 25 percent differences in their actual and reported Bitcoin trading volume. The study classified these exchanges into group 1. The second group contains exchanges whose volume difference is between 26 and 79 percent.

The last group contains exchanges whose reported Bitcoin transaction volumes are significantly larger than the actual trading volume. The report cited the example of BitCoke. Bitcoke’s Bitcoin trading volume was $14 billion. The exchange only has 10,000 monthly visitors, and over 50 percent of them are Argentinians.

Exchanges and false figures

According to the report, exchanges that operate in regions with little or no regulatory oversight are culpable of reporting fake transaction data. MEXC Global, Binance, and ByBit are among the notable exchanges mentioned in the report to be guilty of this allegation. The report stated that these three exchanges stated that their Bitcoin trading volume was $217 billion when in fact it was $89 billion.

The Forbes report explained that there are traders that involve themselves in wash trading. Thus, they can create a false impression of the rising demand and popularity of specific tokens. The report added that the exchanges’ benefits from these false reports are that they can claim to have more trading volume and encourage more legal trades on their platforms. None of the exchanges accused of false reporting of trading volume has yet to deny the allegation.


Credit: Source link

ShareTweetSendPinShare
Previous Post

DOGE, AVAX Fall to 1-Month Lows on Saturday – Market Updates Bitcoin News

Next Post

Ready Player Me Secures an Incredible $56m in Series B Funding

Related Posts

Lawyer Predicts Grayscale’s Win Against The SEC In Supreme Court

January 28, 2023

Grayscale Investments, a crypto asset management company, is preparing for a prolonged legal battle with the Securities and Exchange Commission...

NFT Collection Laid Back Llamas Collection Price, Stats, and Revi…

January 27, 2023

7,000 Laid Back Llamas have taken over the digital mountains of the Metaverse. Every Llama is unique with different fur...

Developer confirms billions of SHIB will be burned with Shibarium

January 27, 2023

Amid the tanking SHIB burn rate, lead developer Shytoshi Kusama assures an uptick in burn rate with the Shibarium release....

Global Digital Cluster Coin (GDCC) Is Now Available on LBank…

January 27, 2023

INTERNET CITY, DUBAI, 27th January, 2023, ChainwireLBank Exchange, a global digital asset trading platform, listed Global Digital Cluster Coin (GDCC)...

XRP Price May Hit $0.54 in Coming Month and End the Q1 2023 Trade above $1!

January 27, 2023

As the foundations for a significant rebound have emerged, the markets appear to have stuck in some crucial levels. However,...

Load More
Next Post

Ready Player Me Secures an Incredible $56m in Series B Funding

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

SEC’s ‘one-dimensional’ approach is slowing Bitcoin progress: Grayscale CEO

January 24, 2023

DCG responds to Genesis bankruptcy; Bitcoin jumps 4% as contagion fears lessen

January 20, 2023

Bitcoin Is Superior Lending Collateral – Bitcoin Magazine

January 10, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Lawyer Predicts Grayscale’s Win Against The SEC In Supreme Court
  • U.S. Representative French Hill offers insights into digital asset regulations
  • NFT Collection Laid Back Llamas Collection Price, Stats, and Revi…

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$23,132.000.74%
  • ethereumEthereum(ETH)$1,603.040.43%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.000.09%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • binancecoinBNB(BNB)$309.151.81%
  • rippleXRP(XRP)$0.4145481.24%
  • binance-usdBinance USD(BUSD)$1.000.11%
  • cardanoCardano(ADA)$0.3960504.62%
  • dogecoinDogecoin(DOGE)$0.0883412.29%
  • matic-networkPolygon(MATIC)$1.166.07%
  • solanaSolana(SOL)$24.641.95%
  • okbOKB(OKB)$36.301.23%
  • staked-etherLido Staked Ether(STETH)$1,599.010.39%
  • polkadotPolkadot(DOT)$6.612.56%
  • shiba-inuShiba Inu(SHIB)$0.0000121.99%
  • avalanche-2Avalanche(AVAX)$21.1917.80%
  • litecoinLitecoin(LTC)$89.082.07%
  • tronTRON(TRX)$0.0636952.96%
  • uniswapUniswap(UNI)$6.891.96%
  • daiDai(DAI)$1.000.14%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,064.000.54%
  • cosmosCosmos Hub(ATOM)$13.765.36%
  • ToncoinToncoin(TON)$2.567.55%
  • chainlinkChainlink(LINK)$7.443.86%
  • leo-tokenLEO Token(LEO)$3.865.75%
  • moneroMonero(XMR)$180.285.33%
  • ethereum-classicEthereum Classic(ETC)$22.161.35%
  • AptosAptos(APT)$18.515.16%
  • bitcoin-cashBitcoin Cash(BCH)$135.360.05%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.0932541.62%
  • apecoinApeCoin(APE)$6.344.31%
  • quant-networkQuant(QNT)$153.173.23%
  • nearNEAR Protocol(NEAR)$2.584.59%
  • crypto-com-chainCronos(CRO)$0.0822951.92%
  • filecoinFilecoin(FIL)$5.492.12%
  • lido-daoLido DAO(LDO)$2.425.09%
  • algorandAlgorand(ALGO)$0.2599965.80%
  • vechainVeChain(VET)$0.0249984.29%
  • hedera-hashgraphHedera(HBAR)$0.0699854.92%
  • internet-computerInternet Computer(ICP)$6.095.05%
  • axie-infinityAxie Infinity(AXS)$11.62-0.17%
  • decentralandDecentraland(MANA)$0.704.89%
  • aaveAave(AAVE)$87.70-0.43%
  • eosEOS(EOS)$1.111.45%
  • the-sandboxThe Sandbox(SAND)$0.763.62%
  • fantomFantom(FTM)$0.469328-1.23%
  • flowFlow(FLOW)$1.10-0.18%
  • theta-tokenTheta Network(THETA)$1.125.88%