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ETHUSD Ethereum

3,102.40

-37.52 (-1.20%)

11:10:45 - Realtime Data

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	376,587,196,390	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-37.52	-1.20%	3,102.40	3,105.76	3,106.33

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,171.28	3,101.00	3,139.67	3,139.58	1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	11:10:46	0.046149	3,099.60	USD

Price x Volume	Volume	Base Symbol	Related Pairs
99,823,857.97	31,732.00	ETH	ETHEUR	ETHGBP	ETHBTC

Wash Trading Dominates Bitcoin Volume, What Does This Mean For Price?

07/10/2022 12:00am

NEWSBTC

The daily bitcoin trading volumes come out into billions of dollars every day, with hundreds of thousands of daily transactions being carried out. It is one of the reasons why bitcoin draws the most investors, given such high trading volume and good depth across all exchanges. However, some on-chain analyzers have been diving into the blockchain to explore the daily BTC volume, and the findings of this study have been alarming. More Than 50% Fake Volume Mostly, in the present market, there is always some amount of volume for digital assets that are actually fake. These fake trading volumes are to make a digital asset look better than they actually do to make other investors put money into them. Smaller-cap altcoins are usually guilty of this to a large extent, but it seems the largest cryptocurrency by market cap is not left out of this. Related Reading: Bitcoin Shocker: Lightning Network Capacity Reaches 5,000 BTC Bankless Times carried out a study into the daily bitcoin volume for the year 2022 and found that the majority of the volume was actually fake. The study showed that 51% of bitcoin volume across various exchanges was actually a result of wash trading. BTC maintains above $20,200 | Source: BTCUSD on TradingView.com For those who do not know, the act of wash trading an asset is illegal because it creates a false narrative about that asset to make investors put their money into it. This way, they are trapped, and the wash traders walk off with millions of dollars in profit, depending on how large the scheme is. The study unveiled that stablecoins were actually contributing largely to this wash trading volume. This means that the digital asset is seeing up to $10-$15 billion in fake volume across exchanges, giving rise to concerns about how this affects the cryptocurrency. Impact On Bitcoin Price To the unsuspecting eye, there might be no manipulation going on when it comes to the price of bitcoin, but this report from Bankless Times actually shows that the digital asset is being largely manipulated. Wash trading can easily affect the price of a digital asset by making it look like a profitable investment. Related Reading: Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure? So say bitcoin is being wash traded across multiple exchanges; it deceives investors to believe that there is a large demand for the asset, leading them to purchase it. Thereby raising the digital asset of the cryptocurrency in the process. With such a large volume of trading volume reportedly being fake, it begs the question of if the current BTC price is actually accurate. A real volume of less than 50% of reported volumes would put the digital asset’s value at around $12,000, if true. Featured image from Forbes, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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