Bitcoin trading data from 157 exchanges reportedly did not match up to what was claimed by companies, as reported by Cointelegraph. According to an August report by Forbes, Javier Pax of the news outlet’s digital asset arm stated about having a mismatch between the Bitcoin (BTC) trading data reported by cryptocurrency exchanges and the actual numbers.
On the basis of information by Cointelegraph, the Forbes contributor discovered that a small exchanges’ group had BTC trading volumes roughly 95% less than what was reported, while those operational with no regulatory oversight, including Binance and Bybit, claimed to have more than double the analysed volume – $217 billion as opposed to $89 billion.
“More than half of all reported trading volume is likely to be fake or non-economic. The global daily Bitcoin volume for the industry was $128 billion on June 14. That is 51% less than the $262 billion one would get by taking the sum of self-reported volume from multiple sources,” Pax said.
Moreover, Cointelegraph noted that Pax quoted a 2019 report from Bitwise Asset Management, which made the claim that 95% of the reported cryptocurrency trading volume on unregulated exchanges appeared to have been false or happened due to non-economic wash trading. As per a February report by Chainalysis, wash trading was a shaping into a point of concern among non-fungible token (NFT) investors but maximum of trades using this technique were unprofitable.
Going by Cointelegraph’s website, founded in 2013, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and financial technology (fintech) trends, with their team aiming to deliver news from both the decentralised and centralised worlds. Their editorial content is based on delivering news, analytics, cryptocurrency price charts, opinion pieces, as well as reports on the transformation that digital currencies aim to bring globally.
(With insights from Cointelegraph)
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