Forbes Announces Unusual Contradiction Regarding Bitcoin Transaction Volumes!

According to the latest research by Forbes on 157 stock markets, Bitcoin (BTC) trading volume is significantly lower than reported.

According to the report, BTC trading volume on June 14 was $128 billion, much lower than the $262 billion total reported by all exchanges.

This shows that approximately 51% of all Bitcoin trading activity is not fake or economic.

What Role Does Tether Play in Bitcoin Transaction Volume?

According to Forbes, spot Bitcoin transactions Tether plays an important role because most of the trade comes from stablecoins. However, fiat currencies such as the US dollar, Japanese Yen and South Korean Won also participate in a high percentage of transactions.

Overall, more than 90% of BTC’s liquidity is against the USDT stablecoin or the US dollar itself. There is also a large non-dollar demand from Europe, Japan, South Korea and Turkey.

It was also found that the majority of Bitcoin transactions came from BTC perpetual trading, followed by spot trading and futures trading.

Transaction Volumes of Biggest Exchanges such as Binance, FTX and OKX

The report grouped exchanges into three categories based on the differences between their self-reported and actual volumes.

According to the report, the top three exchanges by trading volume are Binance, FTX and OKX. Others include Bybit, Bitget, MEXC Global, KuCoin, BingX, Crypto.com and Huobi Global.

Specifically, only FTX, OKX and Crypto.com are in Group 1, that is, exchanges with a 0 – 25% difference between actual trading volumes and reported BTC trading activity. The rest are in Group 2, which consists of exchanges with a volume difference of 26-79%.

Group 3 consists mostly of small and unregulated exchanges, some of which have openly reported fake Bitcoin trading volumes. BitCoke, for example, reported a trading volume of $14 billion while it had less than 10,000 monthly visitors and more than half of them were from Argentina.

The report found that one of the biggest problems with fraudulent or uneconomic trading volume stemmed from exchanges operating with minimal regulatory oversight, negatively impacting the credibility of their numbers.

*Not investment advice.

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