{"id":500357,"date":"2022-08-29T23:00:31","date_gmt":"2022-08-29T23:00:31","guid":{"rendered":"https:\/\/uniquehot.com\/?p=500357"},"modified":"2024-06-11T10:37:12","modified_gmt":"2024-06-11T10:37:12","slug":"new-report-says-bitcoin-daily-trading-volumes-are-fake-so-whats-the-real-number","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/new-report-says-bitcoin-daily-trading-volumes-are-fake-so-whats-the-real-number\/","title":{"rendered":"New Report Says Bitcoin Daily Trading Volumes Are Fake, So What\u2019s The Real Number?"},"content":{"rendered":"

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.<\/p>\n

Reported Bitcoin Volume Fake<\/h2>\n

A new analysis report from Forbes<\/a> has come back with the conclusion that more than half of bitcoin\u2019s 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.<\/p>\n

Related Reading: Worldwide Crypto Ownership Cross 320 Million, Here Are The Countries Leading The Charge<\/a><\/strong><\/em><\/div>\n

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.<\/p>\n

\"Bitcoin<\/p>\n

BTC recovers above $20,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n

This discrepancy is also seen across other analytics platforms. As of today, Glassnode reports<\/a> that the total bitcoin net flows for last week was $7.8 billion. Taking a look at data from IntoTheBlock<\/a>\u00a0shows that the bitcoin trading volume for the last seven days is $6.71 billion.<\/p>\n

What\u2019s The Real Number?<\/h2>\n

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.\u201d<\/p>\n

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.<\/p>\n

Related Reading: Majority Of Ethereum Investors Maintain Profitability Despite Decline Below $1,700<\/a><\/strong><\/em><\/div>\n

The same is the case with the price of bitcoin across various sites. For CoinMarketCap, BTC\u2019s 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.<\/p>\n

Featured image from Business Today, chart from TradingView.com<\/pre>\n

Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019s 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\u00a0shows that the bitcoin trading volume for the last seven days is $6.71 billion. What\u2019s 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.\u201d 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\u2019s 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\u2026<\/p>\n","protected":false},"author":541,"featured_media":500365,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,86704,86705,5351,1119,1144],"class_list":["post-500357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-daily-trading-volume","tag-bitcoin-daily-volume","tag-bitcoin-volume","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nNew Report Says Bitcoin Daily Trading Volumes Are Fake, So What\u2019s The Real Number?<\/title>\n<meta name=\"description\" content=\"Bitcoin trading volumes have always surpassed expectations in the past. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"New Report Says Bitcoin Daily Trading Volumes Are Fake, So What\u2019s The Real Number?","url":"http:\/\/uniquehot.com\/news\/new-report-says-bitcoin-daily-trading-volumes-are-fake-so-whats-the-real-number\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/new-report-says-bitcoin-daily-trading-volumes-are-fake-so-whats-the-real-number\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/08\/bitcoin-11.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/08\/bitcoin-11.jpeg?fit=948%2C533"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin daily trading volume","bitcoin daily volume","bitcoin volume","btc","btcusd"],"dateCreated":"2022-08-29T23:00:31Z","datePublished":"2022-08-29T23:00:31Z","dateModified":"2024-06-11T10:37:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"New Report Says Bitcoin Daily Trading Volumes Are Fake, So What\\u2019s The Real Number?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/new-report-says-bitcoin-daily-trading-volumes-are-fake-so-whats-the-real-number\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/new-report-says-bitcoin-daily-trading-volumes-are-fake-so-whats-the-real-number\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/bitcoin-11.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/bitcoin-11.jpeg?fit=948%2C533\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin daily trading volume\",\"bitcoin daily volume\",\"bitcoin volume\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-08-29T23:00:31Z\",\"datePublished\":\"2022-08-29T23:00:31Z\",\"dateModified\":\"2024-06-11T10:37:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/08\/bitcoin-11.jpeg?fit=948%2C533","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/500357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=500357"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/500357\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/500365"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=500357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=500357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=500357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}