New Report Says Bitcoin Daily Trading Volumes Are Fake, So What’s The Real Number?
August 29 2022 - 6:00PM
NEWSBTC
Bitcoin trading volumes have always surpassed expectations in the
past. Last week, celebrations filled the community as the digital
asset had reportedly seen more than $1 trillion transacted on the
network so far. However, a new report claims that the trading
volumes reported by exchanges may be inflated. The main number,
they predict, to be much lower than what is being reported,
especially on a daily basis. Reported Bitcoin Volume Fake A new
analysis report from Forbes has come back with the conclusion that
more than half of bitcoin’s daily reported volumes are fake. The
report focuses on the reported volumes from across 157 crypto
exchanges and found that the numbers from self-reported sources had
greatly inflated the volume of bitcoin being transacted. Related
Reading: Worldwide Crypto Ownership Cross 320 Million, Here Are The
Countries Leading The Charge These exchanges usually report bitcoin
daily volume according to their internal processes, which ends up
being different across exchanges. An example given in the report
was between CoinMarketCap and CoinGecko. While the latter had
reported a BTC daily volume of $32 billion, the latter had reported
$27 billion in trading volume for the same time period. Others,
such as Nomics, had put the volume at $57 billion, and Messari had
reported a volume of $5 billion. BTC recovers above $20,000 |
Source: BTCUSD on TradingView.com This discrepancy is also seen
across other analytics platforms. As of today, Glassnode reports
that the total bitcoin net flows for last week was $7.8 billion.
Taking a look at data from IntoTheBlock shows that the bitcoin
trading volume for the last seven days is $6.71 billion. What’s The
Real Number? Forbes delved deeper into the reported bitcoin daily
trading volume and puts forward that majority of the reported
volume is fake, at 51%. It also gave its own predicted volume
saying, “We estimate the global daily bitcoin volume for the
industry was $128 billion on June 14. That is% less than the $262
billion one would get by taking the sum of self-reported volume
from multiple sources.” The discrepancies between sites such as
CoinMarketCap and CoinGecko also continue. As of the time of this
writing, CoinMarketCap reports that the total daily trading volume
of BTC is a little over $28 billion. A look at CoinGecko shows that
the 24-hour trading volume is $25.17 billion, about a $3 billion
difference. Related Reading: Majority Of Ethereum Investors
Maintain Profitability Despite Decline Below $1,700 The same is the
case with the price of bitcoin across various sites. For
CoinMarketCap, BTC’s price is reported at $19,909, while CoinGecko
shows a lower price of $19,852. In the end, Forbes concludes that
there really is no exact way to know the daily bitcoin volume
despite the reputation of the firms. Featured image from Business
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