More Than Half Of All Bitcoin Exchanges Are Fake: Report

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 ...