Report: 51% of Bitcoin Trading Volume Data Is Fake
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Answer Report: 51% of Bitcoin Trading Volume Data Is Fake
According to speakOn June 14, Bitcoin trading volume reached $128 billion, well below the $262 billion total reported by all trading platforms.
This shows that about 51% of all Bitcoin trading activity was fake or inaccurate.
The role of the USDT stablecoin in the crypto market:
According to Forbes, the digital stablecoin USDT plays an important role in spot bitcoin trading as most of the trades come from the stablecoins.
In general, over 90% of bitcoin’s liquidity comes from trading it against either the USDT stablecoin or the US dollar itself.
There is also great demand for non-dollars coming from Europe, Japan, South Korea and Turkey.Read:MicroStrategy is selling part of its Bitcoin holdings for the first time
Most bitcoin trading comes from permanent bitcoin trading, followed by spot trading and futures trading.
According to the report, the top three cryptocurrency exchanges in terms of trading volume are as follows:
Binance, FTX, and OKX.
The list includes other trading platforms such as Bybit, Bitget, MEXC Global, KuCoin, BingX, Crypto.com and Huobi Global.
The report identified that one of the main problems with fake or uneconomic trading volumes comes from trading platforms that operate with minimal regulatory oversight, affecting the credibility of their figures.Read:A glitch in Microsoft’s systems threatens the cryptocurrency community
The founder of Cardano talks about the reason for the collapse of the cryptocurrency market!
Total Crypto Market Value Struggling Below $1 Trillion & Bitcoin Resisting Above $20K
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