menuIcon
$ 96,605.3
BTC
$ 96,605.3
3.06 %
$ 1,843.07
ETH
$ 1,843.07
4.75 %
$ 0.7025
ADA
$ 0.7025
3.85 %
$ 603.65
BNB
$ 603.65
1.02 %
$ 152.48
SOL
$ 152.48
7.39 %
Usha Yadav
Aug 27, 2022
by Usha Yadav

More Than Half Of All Bitcoin Exchanges Are Fake: Report

Bitcoin Exchanges

Table of contents

  1. Bitcoin Exchanges Are Fake
  2. Bitcoin's Daily Volume
Cryptocurrencies are an emerging and volatile market, boasting more than 20,000 tokens in circulation, of which Bitcoin (BTC) accounts for 40% of the $1 trillion global market capitalization. Since it's common knowledge that considerable amounts of wash trading occur daily to make the industry appear busier, the volume of cryptocurrency trading on exchanges has long been a contentious number.

Bitcoin Exchanges Are Fake

According to Forbes' analysis, "More than half of all reported trading activity is likely to be fraudulent or non-economic." The company examined trading volume data from 157 cryptocurrency exchanges. A recent Forbes analysis indicates that 51% of all reported transaction volume should get deemed phony activity, meaning that wash trading is still widely practiced despite the recent spike in worldwide use and increasing knowledge of the crypto ecosystem. According to the business journal, Bitcoin's daily volume was $128 billion, or 51% less than the $2.

Bitcoin's Daily Volume

According to Forbes, "there is no widely acknowledged method for determining the Bitcoin daily volume," so all figures should be taken as close approximations based on the information available.

The investigation concludes that "21 cryptocurrency exchanges generate the daily trading volume of $1 billion or more, while the next 33 exchanges generated turnover between $200 million and $999 million across all contract types, spot, futures, and perpetual." With a 27% market share, the cryptocurrency exchange Binance dominates the global Bitcoin trading market, followed by FTX. The dominant player in the Bitcoin futures market is the Chicago-based CME Group.

Follow us on: News
Forbes Bitcoin Exchanges
More Than Half Of All Bitcoin Exchanges Are Fake: Report
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Top Picks