More than half of all Bitcoin daily trading volumes are believed to be fake, as the world’s largest cryptocurrency plunges once again into global economic turmoil.

According to a Forbes analysis of 157 crypto exchanges and trading platforms, more than half (51%) of all reported trading volume is likely to be fake or uneconomical.

“We estimate that the global daily bitcoin volume for the industry was $128 billion on June 14. This is 51% less than the $262 billion that would be obtained by taking the sum of self-reported volume from multiple sources,” the report said.

Bitcoin accounts for 40% of the $1 trillion global crypto market.

According to the report, there is no real method for calculating daily bitcoin volume, “even among the most reputable research companies in the industry.”

“For example, CoinMarketCap values ​​the latest 24-hour bitcoin trading at $32 billion, CoinGecko at $27 billion, Nomics at $57 billion, and Messari at $5 billion,” the report reveals.

In terms of Bitcoin activity, 21 crypto exchanges generate $1 billion or more in daily trading activity, while the next 33 exchanges had between $200 million and $999 million in volume.

Binance is the leader with a 27% market share, followed by FTX. Chicago-based CME Group is the market leader in bitcoin futures.

After showing some stabilization over the past few weeks, the world’s largest cryptocurrency, Bitcoin, once again dipped below $20,000 after Federal Reserve Chairman Jerome Powell’s keynote address.

Bitcoin prices had stabilized around the $23,000-$24,000 level after dipping below $20,000 in June.

–IANS

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(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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