More Than Half Of All Bitcoin Trades Are Fake by eltrade
mong the emerging and turbulent market for cryptocurrencies, of which there are no fewer than 10,000 tokens, bitcoin, is the great granddaddy, the blue-chip, representing 40% of the $1 trillion trillion in crypto assets outstanding. Bitcoin is crypto’s gateway drug. An estimatedadult Americans already own it according to New York Digital Investment Group, and an increasing number of institutional investors and corporations are warming to the nascent alternative asset.
Adding to the challenges are persistent fears about the solvency of crypto exchanges, underscored by the public collapses of Voyager and Celsius. In an exclusive interview withA significant repercussion of this lack of faith in its underlying markets is the Security and Exchange Commission’s refusal to approve a spot bitcoin ETF.Forbes
In terms of how much bitcoin activity takes place at these firms, 21 crypto exchanges generate $1 billion or more in daily trading activity, while the next 33 exchanges had volume between $200 million and $999 million across all contract types, spot, futures and perpetuals. Perpetual futures, or perpetual swaps as they are also known, are futures contracts that don’t require investors to roll over their positions. Binance is the clear leader, with a 27% market share, followed by FTX.
which estimated in a March 2019 white paper 95% of CoinMarketCap’s bitcoin trading volume was fake and/or non-economic.Forbes uses quantitative and qualitative analyses to adjust trading volume reported by the exchanges. Unlike other methods that carry out tests on transactional data , Forbes grades a firm’s credibility by evaluating no fewer than five datasets that together inspire or diminish confidence in a firm’s self-reported data.
Among Group 1 firms, FTX is the largest and growing at a fast clip. It wasn’t until mid 2021 when institutional funding fueled a transformation of FTX operations from a midsized unregulated exchange focused on offshore crypto derivatives to a global group of exchanges today regulated in the U.S., Japan, Europe and elsewhere. In addition to derivatives, FTX trades in crypto spot, tokenized stocks and has recently added equities.
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