Crypto news

Exchanges were caught imitating trading volume

According to a Bankless Times study, the cryptocurrency industry continues to suffer from faked trading volume. Exchanges and projects inflate volumes to get higher in the ratings.
The publication’s analysts point out that sales and purchases of the asset are often made on the same platform. But more interesting is the factor of overstated trading on transactions with stabelcoins. According to Bankless Times experts, volume is generated, but in fact the funds remain on the platform and do not change ownership. However, this is standard practice for any exchange trading, including currency trading in Forex.

Taking all such methods into account, analysts called more than half of bitcoin trading fake.

“It’s hard to talk about cryptocurrencies and not think of bitcoin. That said, there is concern that much of the daily trading volume is fake. This calls into question the legitimacy of exchanges and the reliability of data,” said Bankless Times CEO Jonathan Merry.

Recall that the volume of transactions in the Bitcoin network has exceeded $100 trillion.

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