New Report Says Bitcoin Daily Trading Volumes Are Fake, So What’s The Real Number? - ADVFN

Gold vs US Dollar

Register to chat with like-minded investors on our interactive forums.

Get Started

Name	Symbol	Market	Market Cap ($)	Algorithm
Amp	AMPUSD	Crypto	424,888,492	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.00009	-1.17%	0.00757	0.00757	0.00758

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.00773	0.00739	0.00763	0.00766	0.001400 - 0.016850

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	06:00:00	12,728.00	0.00756	USD

Price x Volume	Volume	Base Symbol	Related Pairs
390,420.03	51,588,666.69	AMP	AMPEUR	AMPGBP	AMPBTC

New Report Says Bitcoin Daily Trading Volumes Are Fake, So What’s The Real Number?

30/08/2022 12:00am

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 Today, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

1 Year Amp Chart

1 Year Amp Chart

1 Month Amp Chart

1 Month Amp Chart

Delayed Upgrade Clock

Support: +44 (0) 203 8794 460 | support@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions