diff --git "a/1988dbca-c14f-496c-a61e-e8bf22c629b9.json" "b/1988dbca-c14f-496c-a61e-e8bf22c629b9.json" new file mode 100644--- /dev/null +++ "b/1988dbca-c14f-496c-a61e-e8bf22c629b9.json" @@ -0,0 +1,40 @@ +{ + "interaction_id": "1988dbca-c14f-496c-a61e-e8bf22c629b9", + "search_results": [ + { + "page_name": "Highest Volume Cryptocurrencies | CryptoSlate", + "page_url": "https://cryptoslate.com/highest-volume/", + "page_snippet": "The highest volume cryptocurrencies over the past 24 hours.The global crypto market cap is $2.49 trillion with a 24-hour volume of $198.07 billion. The price of Bitcoin is $66,736.65 and BTC market dominance is 52.5%. The price of Ethereum is $3,690.79 and ETH market dominance is 17.8%. The best performing cryptoasset sector is Meme, which gained 16%.", + "page_result": " Highest Volume Cryptocurrencies | CryptoSlate

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The global crypto market cap is $2.47 trillion with a 24-hour volume of $249.33 billion. The price of Bitcoin is $65,731.22 and BTC market dominance is 52.4%. The price of Ethereum is $3,755.60 and ETH market dominance is 18.3%. The best performing cryptoasset sector is Terra Eco, which gained 15%.

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Total Crypto Market Cap $2.47T 24H Volume $249.33B BTC Dominance 52.4% ETH Dominance 18.3% Top Sector Terra Eco (15%) Crypto Fear & Greed Index Greed (75)
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Blockchains

Coins \u25b8 Highest Volume

Search
Sectors
#NamePrice24H %7D %30D %Market Cap24H VolATH% ATH
3 \"Tether\"

Tether USDT

$1.00030 -0.05% -0.03% +0.15% $100,470,496,860 $181,838,312,485 $1.21549 -18%
1 \"Bitcoin\"

Bitcoin BTC

$65,731.22 -2.13% +14.92% +53.94% $1,291,361,335,717 $100,180,080,277 $68,956.70 -5%
2 \"Ethereum\"

Ethereum ETH

$3,755.60 +1.17% +15.18% +62.17% $451,122,092,690 $47,594,725,750 $4,864.11 -23%
40 \"First

First Digital USD FDUSD

$0.99625 -0.22% -0.35% -0.15% $3,087,140,311 $23,225,729,231 $1.01031 -1%
7 \"USD

USD Coin USDC

$1.00008 +0.01% +0.01% -0.01% $28,961,809,794 $17,704,366,963 $1.90620 -48%
10 \"SHIBA

SHIBA INU SHIB

$0.00004 -12.74% +228.04% +299.32% $20,714,535,109 $12,256,910,211 $0.00009 -60%
5 \"Solana\"

Solana SOL

$131.478 -0.24% +20.84% +12.9% $58,176,890,312 $9,140,966,184 $259.705 -60%
9 \"Dogecoin\"

Dogecoin DOGE

$0.16456 -10.89% +73.37% +112.63% $23,589,744,574 $7,865,711,131 $0.75287 -78%
2348 \"WETH\"

WETH WETH

$3,761.16 +1.16% +15.41% +62.49% $0 $4,761,074,920 $4,858.35 -23%
6 \"XRP\"

XRP XRP

$0.60481 -6.38% +4.43% +20.73% $33,061,143,759 $4,311,013,258 $3.84194 -84%
4 \"BNB\"

BNB BNB

$402.618 -4.52% +1.18% +33.92% $60,203,332,492 $3,140,081,139 $690.568 -42%
41 \"Pepe\"

Pepe PEPE

$0.00001 -5.96% +177.77% +2% $3,062,943,833 $3,008,660,106 $0.00000 -63%
2349 \"Wrapped

Wrapped Solana SOL

$131.794 -0.12% +21.22% +38.63% $0 $2,381,391,002 $259.705 -49%
8 \"Cardano\"

Cardano ADA

$0.71720 -6.66% +15.91% +46.02% $25,453,066,503 $2,055,513,050 $3.09503 -77%
48 \"Arbitrum\"

Arbitrum ARB

$2.04697 -2.92% +9.32% $2,609,884,036 $1,781,407,892
11 \"Avalanche\"

Avalanche AVAX

$40.5567 -6.26% +3.33% +19.1% $15,300,554,211 $1,511,077,431 $145.665 -72%
64 \"StarkNet

StarkNet Token STRK

$2.27240 +8.23% +19.3% +31.93% $1,654,308,179 $1,405,855,533 $75.8286 -80%
24 \"Ethereum

Ethereum Classic ETC

$35.5460 -7% +26.62% +47.72% $5,185,532,089 $1,400,797,562 $167.082 -78%
15 \"Polygon\"

Polygon MATIC

$1.05674 -6.85% +2.28% +34.82% $10,460,834,331 $1,368,750,053 $2.91460 -64%
49 \"Bonk\"

Bonk BONK

$0.00003 -6.25% +147.64% +242.64% $2,234,013,745 $1,352,963,168 $0.00005 -25%
2350 \"Cryptonex\"

Cryptonex CNX

$44.7721 -2.91% +15.33% +9.94% $2,323,125,836 $1,334,610,485 $10.5145 -83%
18 \"Bitcoin

Bitcoin Cash BCH

$407.987 -9.88% +38.44% +73.8% $8,021,304,377 $1,285,297,124 $4,355.62 -91%
111 \"Terra\"

Terra LUNA

$1.18406 +41.1% +68.59% +88.82% $801,766,159 $1,294,745,678 $11.9684 -90%
53 \"dogwifhat\"

dogwifhat WIF

$1.99175 +32.49% +206.78% +840.54% $1,989,599,237 $1,254,402,837 $1.95021 -2%
12 \"Polkadot\"

Polkadot DOT

$9.70948 -5.73% +17.87% +44.85% $12,489,699,702 $1,225,946,331 $55.0043 -82%
20 \"Litecoin\"

Litecoin LTC

$84.7559 -5.69% +14.62% +25.39% $6,295,567,929 $1,206,046,272 $412.701 -79%
14 \"Chainlink\"

Chainlink LINK

$19.3701 -7.13% +2.19% +2.66% $11,372,174,283 $1,171,286,848 $53.0122 -63%
27 \"Optimism\"

Optimism OP

$4.68160 +6.56% +24.71% +46.31% $4,710,349,202 $1,136,348,564 $4.72675 0%
234 \"Lisk\"

Lisk LSK

$2.34254 +6.45% +60.99% +52.97% $301,954,791 $1,103,799,350 $39.3100 -94%
203 \"Wrapped

Wrapped Bitcoin WBTC

$65,929.99 -2.09% +15.49% +55.03% $10,284,148,355 $1,036,084,249 $68,762.00 -4%
25 \"Filecoin\"

Filecoin FIL

$9.29103 -8.99% +18.28% +86.74% $4,827,956,586 $1,002,615,388 $236.965 -96%
23 \"Aptos\"

Aptos APT

$14.2664 +16% +42.72% +67.6% $5,254,959,619 $919,089,420 $19.9463 -27%
81 \"Terra

Terra Classic LUNC

$0.00022 +13.97% +67.63% +102.09% $1,253,818,930 $860,778,842 $119.418 -100%
17 \"Uniswap\"

Uniswap UNI

$14.7376 +12.23% +32.26% +141.32% $8,823,913,041 $836,486,557 $45.0125 -67%
22 \"Dai\"

Dai DAI

$0.99974 -0.01% -0.02% +0.07% $5,346,478,893 $806,599,894 $1.36678 -27%
97 \"Worldcoin\"

Worldcoin WLD

$6.92217 -6.7% -4.65% +211.67% $1,013,883,633 $757,953,125 $9.35570 -25%
13 \"TRON\"

TRON TRX

$0.13748 -1.63% -3.12% +14.92% $12,088,867,385 $744,725,084 $0.30036 -54%
26 \"Cosmos\"

Cosmos ATOM

$12.3051 -2.64% +10.11% +35.43% $4,788,668,202 $747,355,765 $44.5529 -72%
205 \"Bitcoin

Bitcoin BEP2 BTCB

$65,812.00 -2.21% +15.19% +53.98% $3,555,114,916 $719,623,116 $69,236.66 -5%
75 \"eCash\"

eCash XEC

$0.00007 -12.24% +86.15% +130.75% $1,301,985,904 $678,785,142 $0.00039 -82%
63 \"Fetch\"

Fetch FET

$1.98520 +13.62% +78.96% +279.15% $1,655,762,752 $685,536,455 $2.04594 -1%
59 \"Sui\"

Sui SUI

$1.45113 -6% -9.8% -6.82% $1,786,222,351 $672,111,293 $1.96838 -26%
78 \"FLOKI\"

FLOKI FLOKI

$0.00013 -5.78% +173.17% +389.98% $1,285,059,479 $667,661,941 $0.00035 -61%
39 \"Mantle\"

Mantle MNT

$0.98285 +2.62% +12.78% +66.78% $3,176,244,381 $655,672,891 $1.01236 -2%
66 \"ORDI\"

ORDI ORDI

$78.3613 -10.36% +16.9% +43.98% $1,645,587,116 $627,368,990 $96.3582 -18%
58 \"THORChain\"

THORChain RUNE

$5.25312 -8.12% -12.87% +81.52% $1,793,276,525 $606,848,937 $21.2898 -54%
\"Ordinals\"

Ordinals ORDI

$13.3125 +76.6% +150.74% +475.89% $279,562,036 $611,181,449 $27.5582 -30%
19 \"Internet

Internet Computer ICP

$14.2354 -10.31% +10.39% +18.07% $6,547,437,868 $604,544,025 $342.229 -96%
29 \"NEAR

NEAR Protocol NEAR

$4.23333 -4.41% +9.48% +54.82% $4,418,586,041 $604,419,157 $20.3955 -79%
245 \"Venus

Venus BTC vBTC

$1,339.59 -2.12% +15.31% $275,735,784 $598,035,848 $25,786.33 -72%

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", + "page_last_modified": "" + }, + { + "page_name": "Bitcoin transactions per day 2009-2024 | Statista", + "page_url": "https://www.statista.com/statistics/730806/daily-number-of-bitcoin-transactions/", + "page_snippet": "Bitcoin transactions within the blockchain nearly reached 500,000 per day in 2023, a higher number than previous years.Bitcoin generally has a higher transaction activity than other cryptocurrencies, except Ethereum. This cryptocurrency is often processed more than one million times per day. Note that the transaction volume here refers to transactions registered within the Bitcoin blockchain. It should not be confused with Bitcoin's 24-hour trade volume, a metric associated with crypto exchanges. Bitcoin's transaction volume was at its highest in May 2023, when the network processed over 670,000 coins on the same day. Bitcoin generally has a higher transaction activity than other cryptocurrencies, except Ethereum. This cryptocurrency is often processed more than one million times per day. It should not be confused with Bitcoin's 24-hour trade volume, a metric associated with crypto exchanges. A Bitcoin transaction recorded in the blockchain can be any transaction, including B2C but also P2P. While it is possible to see in the blockchain which address sent Bitcoin to whom, details on who this person is and where they are from are often missing. Bitcoin was designed to go against monetary authorities and prides itself on being anonymous. An important argument against Bitcoin replacing cash or cards in payments is that the cryptocurrency was not allowed for such a task: Bitcoin ranks among the slowest cryptocurrencies in terms of transaction speed.", + "page_result": "\nBitcoin transactions per day 2009-2024 | Statista
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    Read more\n
    \n Bitcoin (BTC) daily transaction history worldwide as of January 17, 2024\n
    \n Published by\n
    Raynor de Best,\n
    \n Jan 30, 2024\n
    \n Bitcoin's transaction volume was at its highest in May 2023, when the network processed over 670,000 coins on the same day. Bitcoin generally has a higher transaction activity than other cryptocurrencies, except Ethereum. This cryptocurrency is often processed more than one million times per day. Note that the transaction volume here refers to transactions registered within the Bitcoin blockchain. It should not be confused with Bitcoin's 24-hour trade volume, a metric associated with crypto exchanges.\r\n\r\n

    The more Bitcoin transactions, the more it is used in B2C payments?

    \r\n\r\nA Bitcoin transaction recorded in the blockchain can be any transaction, including B2C but also P2P. While it is possible to see in the blockchain which address sent Bitcoin to whom, details on who this person is and where they are from are often missing. Bitcoin was designed to go against monetary authorities and prides itself on being anonymous. An important argument against Bitcoin replacing cash or cards in payments is that the cryptocurrency was not allowed for such a task: Bitcoin ranks among the slowest cryptocurrencies in terms of transaction speed.\r\n\r\n

    Are cryptocurrencies taking over payments?

    Cryptocurrency payments are set to grow at a CAGR of nearly 17 percent between 2022 and 2029, although the market is relatively small. The forecast is according to a market estimate made in early 2023, based on various conditions and sources available at that time. Research across 40 countries during the same time suggested that the market share of cryptocurrency in e-commerce transactions was \"less than one percent\" in all surveyed countries, with predictions being this would not change in the future.\n
    \n Read more\n

    \n Number of daily transactions on the blockchain of Bitcoin from January 2009 to January 17, 2024\n

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    \n Additional Information\n

    © Statista 2024
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    \n Release date\n

    January 2024

    More information
    \n Region\n

    Worldwide

    Survey time period

    January 2009 to January 17, 2024

    Special properties

    The numbers provided concern network transactions, not trading volume; Transactions as of the end of each month, unless specified differently

    Open this statistic in...
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    \n Statistics on\n \n \"\n \n Bitcoin (BTC)\n \n \"\n
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    \n 5\n
    • \n Basic Statistic\n Bitcoin BTC/USD price history up until Mar 3, 2024
    • \n Basic Statistic\n Price comparison and price change of the top 100 crypto as of January 29, 2024
    • \n Premium Statistic\n 7-day Bitcoin BTC/USD realized volatility until January 27, 2024
    • \n Premium Statistic\n Average fee per Bitcoin (BTC) transaction as of January 28, 2024
    • \n Basic Statistic\n Bitcoin Cash BCH/USD price history up until Mar 3, 2024

    \n Market cap/dominance\n

    \n 4\n
    • \n Premium Statistic\n Daily Bitcoin (BTC) market cap history up until January 28, 2024
    • \n Premium Statistic\n Market cap of 120 crypto - incl stablecoin, NFT, DeFi, metaverse - in January 2024
    • \n Premium Statistic\n Bitcoin (BTC) vs altcoin dominance history up to January 28, 2024
    • \n Premium Statistic\n Market dominance of 11 cryptocurrencies on January 29, 2024

    \n Network activity/transactions\n

    \n 4\n
    • \n Premium Statistic\n Bitcoin (BTC) daily transaction volume up until January 16, 2024
    • \n Premium Statistic\n Daily active Bitcoin (BTC) addresses up until November 6, 2022
    • \n Premium Statistic\n Bitcoin (BTC) investor sentiment up until January 28, 2024
    • \n Premium Statistic\n Transaction speed ranking of 74 crypto - including DeFi and metaverse - in 2024

    \n Trading volume\n

    \n 4\n
    • \n Premium Statistic\n Daily Bitcoin (BTC) 24h volume history up until January 28, 2024
    • \n Premium Statistic\n The 100 most traded cryptocurrencies in the last 24 hours as of January 29, 2024
    • \n Premium Statistic\n Biggest Bitcoin (BTC) exchanges based on 24h volume on January 29, 2024
    • \n Premium Statistic\n Bitcoin (BTC) Sharpe ratio until January 29, 2024

    \n Mining\n

    \n 5\n
    • \n Premium Statistic\n Bitcoin (BTC) circulating supply history up until August 2, 2023
    • \n Premium Statistic\n Countries with the highest Bitcoin (BTC) mining hashrate 2019-2022
    • \n Premium Statistic\n Monthly mining revenue of Bitcoin (BTC) 2010-2023
    • \n Premium Statistic\n Weekly Bitcoin (BTC) mining difficulty up until January 20, 2024
    • \n Premium Statistic\n Bitcoin (BTC) mining profitability up until January 14, 2024

    \n Bitcoin ATMs\n

    \n 3\n
    • \n Premium Statistic\n Monthly number of Bitcoin ATMs worldwide 2015-2024
    • \n Premium Statistic\n Bitcoin ATMs in 84 countries worldwide as of January 29, 2024
    • \n Premium Statistic\n Market share of Bitcoin ATM producers worldwide 2024

    Further related statistics

    \n 16\n
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    • \n Premium Statistic\n Additional features offered by cryptocurrency wallet providers 2016
    • \n Premium Statistic\n Distribution of cryptocurrency mining pools worldwide 2018, by region
    • \n Premium Statistic\n Challenges affecting cryptocurrency market 2018
    • \n Premium Statistic\n Number of private equity deals in Canada 2022, by province
    • \n Premium Statistic\n Number of private equity deals in Canada quarterly 2013-2022
    • \n Premium Statistic\n Number of private equity deals in Canada 2022, by industry
    • \n Premium Statistic\n Number of transactions in the video rental market in Germany 2002-2020
    • \n Basic Statistic\n Payment and terminal transactions involving non-MFIs in the Eurozone 2010-2019
    • \n Premium Statistic\n The 21 most popular cryptocurrencies in the U.S. 2021-2023
    • \n Premium Statistic\n Number of insurance underwriter M&A deals completed in the U.S. & Bermuda 2007-2019
    • \n Premium Statistic\n Rakuten Bank's number of settlements FY 2013-2022
    • \n Premium Statistic\n Russians on the use of cryptocurrency in future 2020
    • \n Premium Statistic\n Cumulative AUM of crypto funds worldwide 2018-2022

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    ", + "page_last_modified": "" + }, + { + "page_name": "More Than Half Of All Bitcoin Trades Are Fake", + "page_url": "https://www.forbes.com/sites/javierpaz/2022/08/26/more-than-half-of-all-bitcoin-trades-are-fake/", + "page_snippet": "A new Forbes analysis of 157 crypto exchanges finds that 51% of the daily bitcoin trading volume being reported is likely bogus.One of the most common criticisms of bitcoin is pervasive wash trading (a form of fake volume) and poor surveillance across exchanges. The U.S. Commodity Futures Trading Commission defines wash trading as \u201centering into, or purporting to enter into, transactions to give the appearance that purchases and sales have been made, without incurring market risk or changing the trader's market position.\u201d The reason why some traders engage in wash trading is to inflate the trading volume of an asset to give the appearance of rising popularity. USDT , the world\u2019s largest stablecoin, continues to be a dominant player in the crypto trading economy, especially when it comes to trades against bitcoin. Its current market capitalization is $68 billion, despite questions about its reserves. However, while eight pairs by volume garner the majority of bitcoin volume, there are dozens of other varieties trading at obscure exchanges uncounted even in our present study. For example, it is difficult to find the amount of BTC-NGN (Nigerian naira) volume traded in Nigeria because crypto data firms like Nomics, CoinMarketCap and CoinGecko generally do not track it. In some cases trading bots execute these wash trades in tokens, increasing volume, while at the same time insiders reinforce the activity with bullish remarks, driving up the price in what is effectively a pump and dump scheme. Wash trading also benefits exchanges because it allows them to appear to have more volume than they actually do, potentially encouraging more legitimate trading. There is no universally accepted method of calculating bitcoin daily volume, even among the industry\u2019s most reputable research firms.", + "page_result": "More Than Half Of All Bitcoin Trades Are Fake
    BETA
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    \"Quantifying
    Daily Cover

    More Than Half Of All Bitcoin Trades Are Fake

    Illustration by Gracelynn Wan for Forbes
    Javier Paz
    Forbes Staff
    I am Director of Data and Analytics
    Following

    A new Forbes analysis of 157 crypto exchanges finds that 51% of the daily bitcoin trading volume being reported is likely bogus.

    \n
    \n

    Within the emerging and turbulent market for cryptocurrencies, where there are no fewer than 10,000 tokens, bitcoin, is the great granddaddy, the blue-chip, representing 40% of the $1 trillion in crypto assets outstanding. Bitcoin\n BTC\n is crypto\u2019s gateway drug. An estimated 46 million adult Americans already own it according to New York Digital Investment Group, and an increasing number of institutional investors and corporations are warming to the nascent alternative asset.

    \n
    \n

    But can you trust what your crypto exchange or e-brokerage reports about trading in the most important digital currency?

    \n
    \n

    One of the most common criticisms of bitcoin is pervasive wash trading (a form of fake volume) and poor surveillance across exchanges. The U.S. Commodity Futures Trading Commission defines wash trading as \u201centering into, or purporting to enter into, transactions to give the appearance that purchases and sales have been made, without incurring market risk or changing the trader's market position.\u201d The reason why some traders engage in wash trading is to inflate the trading volume of an asset to give the appearance of rising popularity. In some cases trading bots execute these wash trades in tokens, increasing volume, while at the same time insiders reinforce the activity with bullish remarks, driving up the price in what is effectively a pump and dump scheme. Wash trading also benefits exchanges because it allows them to appear to have more volume than they actually do, potentially encouraging more legitimate trading.

    \n
    \n

    There is no universally accepted method of calculating bitcoin daily volume, even among the industry\u2019s most reputable research firms. For instance, as of this writing, CoinMarketCap puts the latest 24-hour trading of bitcoin at $32 billion, CoinGecko at $27 billion, Nomics at $57 billion and Messari at $5 billion.

    \n
    \n

    Adding to the challenges are persistent fears about the solvency of crypto exchanges, underscored by the public collapses of Voyager and Celsius. In an exclusive interview with Forbes in late June, FTX CEO Sam Bankman-Fried commented that there are many exchange bankruptcies yet to come.

    \n

    A significant repercussion of this lack of faith in its underlying markets is the Security and Exchange Commission\u2019s refusal to approve a spot bitcoin ETF.

    \n

    Unfortunately for the bitcoin ETF hopefuls, many of these fears and criticisms are valid. As part of Forbes research into the crypto ecosystem using 2021 data, we ranked the 60 best exchanges in March. More recently we conducted a deeper-dive into the bitcoin trading markets to answer a few pressing questions:

    \n
    \n

    \n
      \n
    1. Where is bitcoin traded?
      2. \n
    2. How much bitcoin gets traded every day?
      3. \n
    3. How is bitcoin traded?
      4. \n
    \n

    \n

    Our study evaluated 157 crypto exchanges across the world. Here are our main findings:

    \n

    \n
      \n
    1. More than half of all reported trading volume is likely to be fake or non-economic. Forbes estimates the global daily bitcoin volume for the industry was $128 billion on June 14. That is 51% less than the $262 billion one would get by taking the sum of self-reported volume from multiple sources.
      2. \n
    2. Tether\n USDT\n , the world\u2019s largest stablecoin, continues to be a dominant player in the crypto trading economy, especially when it comes to trades against bitcoin. Its current market capitalization is $68 billion, despite questions about its reserves.
      3. \n
    3. In terms of how much bitcoin activity takes place at these firms, 21 crypto exchanges generate $1 billion or more in daily trading activity, while the next 33 exchanges had volume between $200 million and $999 million across all contract types, spot, futures and perpetuals. Perpetual futures, or perpetual swaps as they are also known, are futures contracts that don\u2019t require investors to roll over their positions. Binance is the clear leader, with a 27% market share, followed by FTX. Looking only at spot bitcoin, the top position is shared by Binance, FTX, and OKX. Chicago-based CME Group is the market leader in bitcoin futures trading.
      4. \n
    4. The biggest problem areas regarding fake volume are firms that tout big volume but operate with little or no regulatory oversight that would make their figures more credible, notably Binance, MEXC Global and Bybit. Altogether, the lesser regulated exchanges in our study account for approximately $89 billion of the true volume (they claim $217 billion).
      5. \n
    5. The creation of new trading assets and products such as stablecoins and perpetual futures adds complications for national authorities seeking to regulate crypto markets. Major U.S. exchanges hardly utilize these instruments or contracts in any of their trading. However, offshore exchanges make significant use of them as ways to synthetically create U.S. dollar liquidity on their platforms (they cannot get U.S. bank accounts).
      6. \n
    6. In the Western world and particularly in the U.S., it is tempting to think of bitcoin only trading against either the U.S. dollar or the euro and British pound. But some of the largest trading pair activity occurs against fiat currencies like the Japanese yen and Korean won and against major stablecoins like Binance U.S. dollar and the USD coin.
      7. \n
    7. 573 million people visit crypto exchange websites on a monthly basis.
      8. \n
    \n

    \n

    We hope that this report builds on top of the important work done by other digital asset researchers such as Bitwise, which estimated in a March 2019 white paper that 95% of CoinMarketCap\u2019s bitcoin trading volume was fake and/or non-economic.

    \n

    \n

    Our Approach

    \n

    Forbes uses quantitative and qualitative analyses to adjust trading volume reported by the exchanges. Unlike other methods that carry out tests on transactional data (and can also be duped), Forbes grades a firm\u2019s credibility by evaluating no fewer than five datasets that together inspire or diminish confidence in a firm\u2019s self-reported data. Data comes from four crypto media firms, CoinMarketCap, CoinGecko, Nomics and Messari, as well as multiple exchanges and two other third-party data providers.

    \n

    We apply volume discounts based on a proprietary methodology that relies on 10 factors such as an exchange\u2019s home regulator if any and volume metrics based on an exchange\u2019s web traffic and estimated workforce size. We also use the number and quality of crypto licenses as proxy to gauge the sophistication of each crypto exchange in matters pertaining to regulation and trade surveillance. If a firm shows a commitment to transparency by conducting token proofs of reserve or by participating in Forbes crypto exchange surveys, it qualifies for a \u201ctransparency credit\u201d that lowers any discount that may otherwise apply.

    \n

    Many of these factors were also present in Forbes\u2019 crypto exchange ranking formula. We divided them into three categories:

    \n

    Group 1: 49 crypto exchanges that were assigned discounts of 0-25% generated $39 billion of real bitcoin trading activity across all markets\u2013spot, derivatives and futures\u2013on June 14.

    \n

    Group 2: 73 exchanges with volume discounts of 26% to 79% generated $81 billion in transactional activity (vs. $158 billion claimed)

    \n

    Group 3: The remaining 35 firms were penalized with a high discount rate (80-99%) and traded $7.7 billion out of $59 billion claimed.

    \n


    \n


    THE FORBES DISCOUNT RATE - JUN 2022\n

    \n


    \n

    CRYPTO EXCHANGE GROUPS BY DISCOUNT RATE

    \n

    Exchanges sorted by group and Forbes calculated volume, Jun 2022*

    \n


    SUMMARY CHARTS & TABELS\n

    \n

    Despite crypto\u2019s global nature, spot bitcoin trading activity is centered around relatively few currency pairs and stablecoins. Stablecoin USDT is the biggest, followed by the U.S. dollar. The next biggest fiat assets are the yen and won.

    \n


    \n

    THE FORBES REAL BITCOIN TRADING VOLUME

    \n

    Daily bitcoin real volume in $ millions, Jun 14, 2022, 157 crypto exchanges, $128 billion total

    \n


    \n


    \n

    BTC-US DOLLAR Daily Volume

    \n

    Group 1 exchanges, many of which are based in the U.S., provide $24.3 billion in daily USD-BTC liquidity, and Group 2 exchanges add $17.3 billion. The prominence of Group 1 exchanges as the main source of BTC-USD occurs across spot, perpetuals, and futures contracts. CME Group is the leading provider of bitcoin futures globally, with $2.1 billion of USD-BTC futures changing hands daily. There are at least 27 crypto exchanges\u201312 in Group 1\u2013that have daily BTC-USD liquidity greater than $5 million.

    \n


    \n

    BITCOIN - U.S. DOLLAR (USD) TRADING ACTIVITY

    \n

    Daily real volume in $ million by crypto exchange group, Jun 14, 2022

    \n


    \n

    BTC - U.S. TETHER Daily Volume

    \n

    At $71.4 billion daily volume, bitcoin-tether (BTC-USDT) activity exceeds that of BTC-USD by 57%, with 79% generated by Group 2 crypto exchanges and 5% by those in Group 3. There are 77 exchanges\u201344 in Group 2, 12 in Group 1\u2013with daily bitcoin-tether volume above $5 million. Tether is prominent across spot and perpetual futures markets, less so among the regulated futures industry, which is largely absent outside of the U.S.

    \n


    \n

    BITCOIN - TETHER (USDT) TRADING ACTIVITY

    \n

    Daily real volume in $ million by crypto exchange group, Jun 14, 2022

    \n


    \n

    BTC - U.S. DOLLAR COIN Daily Volume

    \n

    U.S. dollar coin (USDC\n USDC\n ) is gaining adoption in the stablecoin arena. Daily liquidity for bitcoin-USDC was $2.15 billion, with Groups 1 and 2 splitting that total 39% and 60%, respectively. An interesting observation is that Group 2 exchanges use USDC actively in the spot bitcoin market whereas Group 1 exchanges do so with perpetuals. This different use could suggest that Group 2 exchanges may be open to the idea of supporting an alternative to tether\u2019s dominance in the stablecoin market.

    \n

    USDT and Binance USD (BUSD\n BUSD\n ) each generate more volume than USDC, but the latter now has 26 crypto exchanges (17 in Group 2) with daily trading volume of $5 million or more, versus 77 exchanges for USDT and five with BUSD. If tether\u2019s prominence begins to wane, USDC could be the stablecoin most likely to pick up its crown.

    \n


    \n

    BITCOIN - U.S. DOLLAR COIN (USDC) TRADING ACTIVITY

    \n

    Daily real volume in $ million by crypto exchange group, Jun 14, 2022

    \n


    \n


    CRYPTO EXCHANGES BY REAL TRADING VOLUME\n

    \n


    \n

    TOP-10 CRYPTO EXCHANGES BY OVERALL REAL BITCOIN VOLUME

    \n

    Daily real bitcoin volume by leading firm in $ millions, Jun 14, 2022

    \n


    \n

    Bitcoin Trading Volume by Exchange Group

    \n

    The top-10 Group 1 crypto exchanges by volume originate from across the world, with three from the U.S. (CME Group, Coinbase, Kraken), one from Singapore (Crypto.com), one from Europe (LMAX Digital), four from financial offshore centers (FTX, OKX, Gate.io, BitMEX), and one from Central America (Deribit).

    \n

    Among Group 1 firms, FTX is the largest and growing at a fast clip. It wasn\u2019t until mid 2021 when institutional funding fueled a transformation of FTX operations from a midsized unregulated exchange focused on offshore crypto derivatives to a global group of exchanges today regulated in the U.S., Japan, Europe and elsewhere. In addition to derivatives, FTX trades in crypto spot, tokenized stocks and has recently added equities.

    \n


    \n

    LEADING GROUP 1 CRYPTO EXCHANGES

    \n

    Daily real bitcoin volume, in $ billions, Jun 14, 2022; Source: Forbes

    \n


    \n


    \n

    Group 2 crypto exchanges tend to be large and possess wide product offerings. They primarily focus on growth and tend to have much less interest in being regulated where they operate. They also generally lack robust ways to track and deter wash trading. Binance is by far the largest crypto exchange in Group 2, with $34.2 billion of daily trading activity followed by Bybit with $8.9 billion. The majority of these exchanges are based in offshore havens such as the Seychelles and British Virgin Islands.

    \n


    \n

    LEADING GROUP 2 CRYPTO EXCHANGES

    \n

    Daily real bitcoin volume, in $ billions, Jun 14, 2022; Source: Forbes

    \n

    Group 3 consists of 36 crypto exchanges which, with few exceptions, are unregulated and small. Their huge self reported volume and tiny visitor number cast doubt on the possibility that a limited audience could indeed generate that much trading activity. A case in point is BitCoke, which CoinMarketCap identifies as a Hong Kong-based, Cayman Island-domiciled exchange that purportedly generated $14 billion daily\u2013mostly from BTC-USDT perpetuals. SimilarWeb, however, indicates that the exchange\u2019s domain receives less than 10,000 monthly visitors\u2013with 53% coming from Argentina alone. The discrepancies in volume versus traffic plus lack of regulatory credentials result in Forbes discounting this firm\u2019s volume by 95% to $702 million.

    \n


    \n

    CRYPTO EXCHANGE MONTHLY VISITS APR 2022

    \n

    Visits in millions by group - Four exchanges with more than 20 million visitors excluded (Binance, Coinbase, Bybit, FTX)

    \n


    \n


    LARGEST EXCHANGES BY MAJOR BITCOIN PAIR\n

    \n

    As discussed above, BTC/USD and BTC/USDT are by far the biggest spot pairs for bitcoin, but there are a few other pairs worth mentioning. The next largest are BTC-KWR, BTC-JPY\n PY\n , BTC-USDC, and BTC-EUR. An exchange\u2019s decision to offer base assets across bitcoin, especially when it comes to fiat, usually comes down to the local fiat currency used by an exchange\u2019s client base. Each of the companies trading bitcoin against the won or yen are based in South Korea or Japan respectively. USDC, by nature of its blockchain-based DNA, is easier to cross national-boundaries. Readers may notice that Kraken, Binance or Coinbase are not based in Europe, though they each have a series of licenses to operate in certain countries. They each offer euro trading as a way to onboard new users, but unlike the South Korea or Japan-based exchanges, the euro is not their most dominant base asset for trading.

    \n


    \n

    TOP CRYPTO EXCHANGES - SELECT SPOT BITCOIN PAIRS

    \n

    Spot Bitcoin Forbes True Volume in $millions, Jun 14, 2022

    \n

    However, while eight pairs by volume garner the majority of bitcoin volume, there are dozens of other varieties trading at obscure exchanges uncounted even in our present study. For example, it is difficult to find the amount of BTC-NGN (Nigerian naira) volume traded in Nigeria because crypto data firms like Nomics, CoinMarketCap and CoinGecko generally do not track it. One can safely assume that local crypto exchanges not widely known outside of Nigeria capture most BTC-NGN liquidity, which is likely true for many other exchanges operating in emerging markets.

    \n


    \n

    LARGEST SPOT BITCOIN CRYPTO EXCHANGES

    \n

    Bitcoin Forbes Real Volume in $ millions, Jun 14, 2022

    \n

    These observations are largely true when it comes to perpetual futures as well. However, the won and the yen do not appear to have gained significant market share in this area.

    \n


    \n

    LARGEST BITCOIN PERPETUALS CRYPTO EXCHANGES

    \n

    Bitcoin Forbes Real Volume in $ millions, Jun 14, 2022

    \n

    Finally, when it comes to the traditional futures markets, such as those that offer regular monthly expirations, the only two pairs that seem to matter are BTC-USD and BTC-USDT.

    \n


    \n

    LARGEST BITCOIN FUTURES CRYPTO EXCHANGES

    \n

    Bitcoin Forbes Real Volume in $ millions, Jun 14, 2022

    \n


    \n


    KEY TAKEAWAYS\n

    \n

    The Forbes Real Volume study revealed a number of key insights for crypto investors and industry.

    \n

    Bitcoin may just be the beginning of the problem. If reported trading volumes for bitcoin, the most regulated and closely-watched crypto asset around the world, are untrustworthy, then metrics for even smaller assets should be taken with even greater grains of salt. At its best, trading volume is one of the most measurable signs of investor interest, but it can be easily manipulated to convince novice investors that it has much more demand than it actually does.

    \n

    Binance remains the 800-lb elephant in the room. Even after a 45% discount on its volume, Binance still generates the equivalent of 27.3% of all \u201creal\u201d trading volume. There is no other crypto exchange that can match its market power, and it's been that way for the past two years. That said, while Binance has been saying all of the right things about cooperating with regulators - it has started getting licenses around the world and is promising to announce a global headquarters - questions remain about its operational controls. Unless regulators can get comfortable with Binance\u2019s legitimacy, it may be difficult to envision a spot ETF getting approved anytime soon.

    \n

    Tether remains \u201cToo Big To Fail\u201d - for now: This study invites more questions about the true use and value of two of the largest stablecoins - USDT and BUSD. Say what you will about Tether, and people have, it has found product-market fit in a big way. But that is the exact problem in the minds of many so-called Tether Truthers, who do not believe that the $68 billion is actually backed by reserves. It is hard to imagine what would happen to markets if traders stopped trusting tether - and to be fair there is little evidence that this is happening - and none of its competitors were willing to take its place.

    \n


    \n

    Areas For Future Study

    \n

    The role of stablecoins in market manipulation. We did not see any evidence that tether-based trading pairs were any more prone to fraud than other assets. However, this area is worth looking into further, especially if tether begins to deviate again from its $1 peg or other algorithmic stablecoins begin to gain traction in large spot-market trading. An ostensibly stable base asset that has higher-than-expected volatility can always lead to both legitimate arbitrage opportunities as well as openings for fraud.

    \n

    The potential of perpetual futures to be manipulated. Through our research, including first-person interviews with direct market participants, we did not see any evidence that perpetual futures are more prone to wash trading and other forms of manipulation than conventional futures or spot contracts. However, given the relatively novel nature of this product (it was created in 2016), as well as its dominance in crypto trading, it is well worth deeper study.

    \n

    The future of DEXS in market manipulation. This report did not focus on decentralized exchanges (DEXs), in large part due to the fact that they are not major players in bitcoin trading. To the contrary, when it comes to spot markets most of the major players have separated themselves from the major centralized exchanges by specializing in novel ways to provide liquidity in long-tail assets that are not financially worthwhile for many traditional exchanges to offer. That said, the market share of DEXs has slowly been creeping up to that of spot\u2013there are even days where Uniswap, the largest DEX, has more trading volume than Coinbase.

    \n


    \n


    FORBES METHODOLOGY\n

    \n

    The Forbes methodology for discounting bitcoin trading volume follows a series of steps.

    \n

    Regulation. We identify crypto licenses and from what regulatory body that each exchange possesses and use that as proxy to gauge their level of sophistication and intent to deter wash trades and publishing fake volume.

    \n

    Third-party input. We considered the work of select third parties such as volume data from CoinMarketCap, CoinGecko, Nomics and Messari. Messari\u2019s volume statistics are less extensive by pairs, and it has fewer exchanges than its peers, but it has its own real-volume calculations. Forbes tracked in recent months how Messari applied a volume discount ranging from 40% to 65% to Binance volume, compared with the averages reported by CoinMarketCap, CoinGecko and Nomics at the time. Messari also discounts the trading volume of FTX by a lesser percentage (less than 20%) and that of Kraken by 99%. With regards to this latter, Forbes doesn\u2019t share the view of applying a heavy discount to a firm that is among the most regulated crypto exchanges in the world. Most exchanges going through the Messari real volume analysis, however, lack any type of volume discount.**

    \n

    Web traffic. Forbes employs third-party data from web analytics firm SimilarWeb to heavily discount the volume of firms claiming a high trading volume without having sufficient crypto licenses and web traffic to generate such volume.

    \n

    Forbes interviews. Forbes has conducted dozens of interviews of senior executives at major crypto exchanges to supplement quantitative information on a firm\u2019s profile.

    \n

    * Editor\u2019s note. After publication, Bullish.com provided Forbes non public information, such as that Bullish is in the process of moving to an institutional-only focus from the present one which appears to be retail and institutional. For the original ranking Bullish received a discount of 90% on bitcoin volume, however considering its institutional focus and other factors a discount of 15% is more appropriate.

    \n

    ** Editor\u2019s note II. After publication, Messari notified Forbes that parts of its website experienced a glitch (now resolved) showing only a subset of Kraken\u2019s trading volume; the firm also reaffirmed that it does not discount the volume of Kraken, FTX, or Binance.

    \n


    \n

    MORE FROM FORBES

    MORE FROM FORBESFTX's Stellar Leaked Financials May Point To A Big Acquisition ComingBy Jeff KauflinMORE FROM FORBESShopify Buys Into Web3 Future Helping Back $24 Million Thirdweb Funding RoundBy Maria Gracia Santillana LinaresMORE FROM FORBESNvidia Warning Left Room For Added Crypto SlackBy Nina Bambysheva\n
    Follow me on Twitter or LinkedIn. Check out some of my other work here. Send me a secure tip. 
    \"Javier
    Javier Paz

    ", + "page_last_modified": "" + }, + { + "page_name": "Bitcoin Transactions Per Day", + "page_url": "https://ycharts.com/indicators/bitcoin_transactions_per_day", + "page_snippet": "", + "page_result": "\n\n\n\n\n\n\n\n\n \n \n Bitcoin Transactions Per Day\n \n\n \n\n\n\n\n \n \n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n \n\n\n \n \n \n \n\n \n \n\n \n \n \n\n\n\n \n\n\n\n \n\n \n \n \n \n \n\n\n\n \n\n\n \n \n \n \n\n \n \n\n\n\n \n \n\n \n \n \n \n
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    \n Bitcoin Transactions Per Day (I:BTPD)\n

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    \n 424347.0 for Mar 05 2024\n
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    Level Chart

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    Basic Info

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    \n \n

    Bitcoin Transactions Per Day is at a current level of 424347.0, up from 361258.0 yesterday and up from 316016.0 one year ago. This is a change of 17.46% from yesterday and 34.28% from one year ago.

    \n \n
    \n

    Bitcoin Transactions Per Day reflects the daily number of transactions registered on the Bitcoin network. An increased interest or increased optimism in Bitcoin could lead to greater transaction occurrences as the audience for the underlying token grows. As interest in cryptocurrencies increased and cryptocurrency market caps reached peaks during the 2017-early 2018 crypto boom, daily transactions also increased to a peak of 490644 transactions on December 14, 2017.

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    ReportBitcoin Statistics
    Category\n \n \n \n Cryptocurrency\n \n \n \n \n
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    \n \n \n \n \n \n \n \n \n \n \n \n
    RegionN/A
    SourceBlockchain.com
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    Stats

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    Last Value424347.0
    Latest PeriodMar 05 2024
    Last UpdatedMar 5 2024, 22:06 EST
    Next ReleaseMar 6 2024, 22:00 EST\n \n (E)
    Average Growth Rate1.02K%
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    Value from Yesterday361258.0
    Change from Yesterday17.46%
    Value from 1 Year Ago316016.0
    Change from 1 Year Ago34.28%
    FrequencyDaily
    AdjustmentN/A
    Download Source File\n Upgrade\n\n
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    Historical Data

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    \n View and export this data back to 2009.\n Upgrade now.\n
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    DateValue
    March 05, 2024\n \n 424347.0\n \n
    March 04, 2024\n \n 361258.0\n \n
    March 03, 2024\n \n 385447.0\n \n
    March 02, 2024\n \n 339311.0\n \n
    March 01, 2024\n \n 419284.0\n \n
    February 29, 2024\n \n 407090.0\n \n
    February 28, 2024\n \n 413800.0\n \n
    February 27, 2024\n \n 387598.0\n \n
    February 26, 2024\n \n 356184.0\n \n
    February 25, 2024\n \n 418801.0\n \n
    February 24, 2024\n \n 340419.0\n \n
    February 23, 2024\n \n 409204.0\n \n
    February 22, 2024\n \n 365090.0\n \n
    February 21, 2024\n \n 369949.0\n \n
    February 20, 2024\n \n 397096.0\n \n
    February 19, 2024\n \n 366108.0\n \n
    February 18, 2024\n \n 343417.0\n \n
    February 17, 2024\n \n 327713.0\n \n
    February 16, 2024\n \n 312782.0\n \n
    February 15, 2024\n \n 303306.0\n \n
    February 14, 2024\n \n 296717.0\n \n
    February 13, 2024\n \n 313178.0\n \n
    February 12, 2024\n \n 409911.0\n \n
    February 11, 2024\n \n 329938.0\n \n
    February 10, 2024\n \n 399252.0\n \n
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    DateValue
    February 09, 2024\n \n 334084.0\n \n
    February 08, 2024\n \n 285101.0\n \n
    February 07, 2024\n \n 427538.0\n \n
    February 06, 2024\n \n 278093.0\n \n
    February 05, 2024\n \n 281482.0\n \n
    February 04, 2024\n \n 336211.0\n \n
    February 03, 2024\n \n 515539.0\n \n
    February 02, 2024\n \n 429732.0\n \n
    February 01, 2024\n \n 413272.0\n \n
    January 31, 2024\n \n 444450.0\n \n
    January 30, 2024\n \n 523509.0\n \n
    January 29, 2024\n \n 575203.0\n \n
    January 28, 2024\n \n 636523.0\n \n
    January 27, 2024\n \n 597446.0\n \n
    January 26, 2024\n \n 493218.0\n \n
    January 25, 2024\n \n 340188.0\n \n
    January 24, 2024\n \n 372499.0\n \n
    January 23, 2024\n \n 368462.0\n \n
    January 22, 2024\n \n 457620.0\n \n
    January 21, 2024\n \n 600202.0\n \n
    January 20, 2024\n \n 563331.0\n \n
    January 19, 2024\n \n 460763.0\n \n
    January 18, 2024\n \n 484017.0\n \n
    January 17, 2024\n \n 449415.0\n \n
    January 16, 2024\n \n 470122.0\n \n
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    Basic Info

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    \n \n

    Bitcoin Transactions Per Day is at a current level of 424347.0, up from 361258.0 yesterday and up from 316016.0 one year ago. This is a change of 17.46% from yesterday and 34.28% from one year ago.

    \n \n
    \n

    Bitcoin Transactions Per Day reflects the daily number of transactions registered on the Bitcoin network. An increased interest or increased optimism in Bitcoin could lead to greater transaction occurrences as the audience for the underlying token grows. As interest in cryptocurrencies increased and cryptocurrency market caps reached peaks during the 2017-early 2018 crypto boom, daily transactions also increased to a peak of 490644 transactions on December 14, 2017.

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    ReportBitcoin Statistics
    Category\n \n \n \n Cryptocurrency\n \n \n \n \n
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    RegionN/A
    SourceBlockchain.com
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    Stats

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    Last Value424347.0
    Latest PeriodMar 05 2024
    Last UpdatedMar 5 2024, 22:06 EST
    Next ReleaseMar 6 2024, 22:00 EST\n \n (E)
    Average Growth Rate1.02K%
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    Value from Yesterday361258.0
    Change from Yesterday17.46%
    Value from 1 Year Ago316016.0
    Change from 1 Year Ago34.28%
    FrequencyDaily
    AdjustmentN/A
    Download Source File\n Upgrade\n\n
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    Related Indicators

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    Cryptocurrencies
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    \n \n Bitcoin Average Cost Per Transaction\n \n \n 178.96\n USD/tx\n
    \n \n Bitcoin Cash Price\n \n \n 403.50\n USD\n
    \n \n Bitcoin Price\n \n \n 64291.54\n USD\n
    \n \n Ethereum Average Transaction Fee\n \n \n 2.544\n USD/tx\n
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    \n \n Ethereum Price\n \n \n 3581.53\n USD\n
    \n \n Ethereum Transactions Per Day\n \n \n 1.304M\n \n
    \n \n Litecoin Price\n \n \n 82.42\n USD\n
    \n \n XRP Price\n \n \n 0.5953\n USD\n
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    \n \n\n\n \n\n\n\n\n \n \n \n\n \n \n\n\n\n \n\n\n\n\n\n \n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n \n \n \n \n \n \n \n\n \n \n \n\n\n\n\n \n \n \n \n\n", + "page_last_modified": "" + }, + { + "page_name": "More Than Half Of All Bitcoin Trades Are Fake", + "page_url": "https://www.forbes.com/sites/javierpaz/2022/08/26/more-than-half-of-all-bitcoin-trades-are-fake/", + "page_snippet": "A new Forbes analysis of 157 crypto exchanges finds that 51% of the daily bitcoin trading volume being reported is likely bogus.One of the most common criticisms of bitcoin is pervasive wash trading (a form of fake volume) and poor surveillance across exchanges. The U.S. Commodity Futures Trading Commission defines wash trading as \u201centering into, or purporting to enter into, transactions to give the appearance that purchases and sales have been made, without incurring market risk or changing the trader's market position.\u201d The reason why some traders engage in wash trading is to inflate the trading volume of an asset to give the appearance of rising popularity. USDT , the world\u2019s largest stablecoin, continues to be a dominant player in the crypto trading economy, especially when it comes to trades against bitcoin. Its current market capitalization is $68 billion, despite questions about its reserves. However, while eight pairs by volume garner the majority of bitcoin volume, there are dozens of other varieties trading at obscure exchanges uncounted even in our present study. For example, it is difficult to find the amount of BTC-NGN (Nigerian naira) volume traded in Nigeria because crypto data firms like Nomics, CoinMarketCap and CoinGecko generally do not track it. In some cases trading bots execute these wash trades in tokens, increasing volume, while at the same time insiders reinforce the activity with bullish remarks, driving up the price in what is effectively a pump and dump scheme. Wash trading also benefits exchanges because it allows them to appear to have more volume than they actually do, potentially encouraging more legitimate trading. There is no universally accepted method of calculating bitcoin daily volume, even among the industry\u2019s most reputable research firms.", + "page_result": "More Than Half Of All Bitcoin Trades Are Fake
    BETA
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    \"Quantifying
    Daily Cover

    More Than Half Of All Bitcoin Trades Are Fake

    Illustration by Gracelynn Wan for Forbes
    Javier Paz
    Forbes Staff
    I am Director of Data and Analytics
    Following

    A new Forbes analysis of 157 crypto exchanges finds that 51% of the daily bitcoin trading volume being reported is likely bogus.

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    \n

    Within the emerging and turbulent market for cryptocurrencies, where there are no fewer than 10,000 tokens, bitcoin, is the great granddaddy, the blue-chip, representing 40% of the $1 trillion in crypto assets outstanding. Bitcoin\n BTC\n is crypto\u2019s gateway drug. An estimated 46 million adult Americans already own it according to New York Digital Investment Group, and an increasing number of institutional investors and corporations are warming to the nascent alternative asset.

    \n
    \n

    But can you trust what your crypto exchange or e-brokerage reports about trading in the most important digital currency?

    \n
    \n

    One of the most common criticisms of bitcoin is pervasive wash trading (a form of fake volume) and poor surveillance across exchanges. The U.S. Commodity Futures Trading Commission defines wash trading as \u201centering into, or purporting to enter into, transactions to give the appearance that purchases and sales have been made, without incurring market risk or changing the trader's market position.\u201d The reason why some traders engage in wash trading is to inflate the trading volume of an asset to give the appearance of rising popularity. In some cases trading bots execute these wash trades in tokens, increasing volume, while at the same time insiders reinforce the activity with bullish remarks, driving up the price in what is effectively a pump and dump scheme. Wash trading also benefits exchanges because it allows them to appear to have more volume than they actually do, potentially encouraging more legitimate trading.

    \n
    \n

    There is no universally accepted method of calculating bitcoin daily volume, even among the industry\u2019s most reputable research firms. For instance, as of this writing, CoinMarketCap puts the latest 24-hour trading of bitcoin at $32 billion, CoinGecko at $27 billion, Nomics at $57 billion and Messari at $5 billion.

    \n
    \n

    Adding to the challenges are persistent fears about the solvency of crypto exchanges, underscored by the public collapses of Voyager and Celsius. In an exclusive interview with Forbes in late June, FTX CEO Sam Bankman-Fried commented that there are many exchange bankruptcies yet to come.

    \n

    A significant repercussion of this lack of faith in its underlying markets is the Security and Exchange Commission\u2019s refusal to approve a spot bitcoin ETF.

    \n

    Unfortunately for the bitcoin ETF hopefuls, many of these fears and criticisms are valid. As part of Forbes research into the crypto ecosystem using 2021 data, we ranked the 60 best exchanges in March. More recently we conducted a deeper-dive into the bitcoin trading markets to answer a few pressing questions:

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      \n
    1. Where is bitcoin traded?
      2. \n
    2. How much bitcoin gets traded every day?
      3. \n
    3. How is bitcoin traded?
      4. \n
    \n

    \n

    Our study evaluated 157 crypto exchanges across the world. Here are our main findings:

    \n

    \n
      \n
    1. More than half of all reported trading volume is likely to be fake or non-economic. Forbes estimates the global daily bitcoin volume for the industry was $128 billion on June 14. That is 51% less than the $262 billion one would get by taking the sum of self-reported volume from multiple sources.
      2. \n
    2. Tether\n USDT\n , the world\u2019s largest stablecoin, continues to be a dominant player in the crypto trading economy, especially when it comes to trades against bitcoin. Its current market capitalization is $68 billion, despite questions about its reserves.
      3. \n
    3. In terms of how much bitcoin activity takes place at these firms, 21 crypto exchanges generate $1 billion or more in daily trading activity, while the next 33 exchanges had volume between $200 million and $999 million across all contract types, spot, futures and perpetuals. Perpetual futures, or perpetual swaps as they are also known, are futures contracts that don\u2019t require investors to roll over their positions. Binance is the clear leader, with a 27% market share, followed by FTX. Looking only at spot bitcoin, the top position is shared by Binance, FTX, and OKX. Chicago-based CME Group is the market leader in bitcoin futures trading.
      4. \n
    4. The biggest problem areas regarding fake volume are firms that tout big volume but operate with little or no regulatory oversight that would make their figures more credible, notably Binance, MEXC Global and Bybit. Altogether, the lesser regulated exchanges in our study account for approximately $89 billion of the true volume (they claim $217 billion).
      5. \n
    5. The creation of new trading assets and products such as stablecoins and perpetual futures adds complications for national authorities seeking to regulate crypto markets. Major U.S. exchanges hardly utilize these instruments or contracts in any of their trading. However, offshore exchanges make significant use of them as ways to synthetically create U.S. dollar liquidity on their platforms (they cannot get U.S. bank accounts).
      6. \n
    6. In the Western world and particularly in the U.S., it is tempting to think of bitcoin only trading against either the U.S. dollar or the euro and British pound. But some of the largest trading pair activity occurs against fiat currencies like the Japanese yen and Korean won and against major stablecoins like Binance U.S. dollar and the USD coin.
      7. \n
    7. 573 million people visit crypto exchange websites on a monthly basis.
      8. \n
    \n

    \n

    We hope that this report builds on top of the important work done by other digital asset researchers such as Bitwise, which estimated in a March 2019 white paper that 95% of CoinMarketCap\u2019s bitcoin trading volume was fake and/or non-economic.

    \n

    \n

    Our Approach

    \n

    Forbes uses quantitative and qualitative analyses to adjust trading volume reported by the exchanges. Unlike other methods that carry out tests on transactional data (and can also be duped), Forbes grades a firm\u2019s credibility by evaluating no fewer than five datasets that together inspire or diminish confidence in a firm\u2019s self-reported data. Data comes from four crypto media firms, CoinMarketCap, CoinGecko, Nomics and Messari, as well as multiple exchanges and two other third-party data providers.

    \n

    We apply volume discounts based on a proprietary methodology that relies on 10 factors such as an exchange\u2019s home regulator if any and volume metrics based on an exchange\u2019s web traffic and estimated workforce size. We also use the number and quality of crypto licenses as proxy to gauge the sophistication of each crypto exchange in matters pertaining to regulation and trade surveillance. If a firm shows a commitment to transparency by conducting token proofs of reserve or by participating in Forbes crypto exchange surveys, it qualifies for a \u201ctransparency credit\u201d that lowers any discount that may otherwise apply.

    \n

    Many of these factors were also present in Forbes\u2019 crypto exchange ranking formula. We divided them into three categories:

    \n

    Group 1: 49 crypto exchanges that were assigned discounts of 0-25% generated $39 billion of real bitcoin trading activity across all markets\u2013spot, derivatives and futures\u2013on June 14.

    \n

    Group 2: 73 exchanges with volume discounts of 26% to 79% generated $81 billion in transactional activity (vs. $158 billion claimed)

    \n

    Group 3: The remaining 35 firms were penalized with a high discount rate (80-99%) and traded $7.7 billion out of $59 billion claimed.

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    \n


    THE FORBES DISCOUNT RATE - JUN 2022\n

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    \n

    CRYPTO EXCHANGE GROUPS BY DISCOUNT RATE

    \n

    Exchanges sorted by group and Forbes calculated volume, Jun 2022*

    \n


    SUMMARY CHARTS & TABELS\n

    \n

    Despite crypto\u2019s global nature, spot bitcoin trading activity is centered around relatively few currency pairs and stablecoins. Stablecoin USDT is the biggest, followed by the U.S. dollar. The next biggest fiat assets are the yen and won.

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    \n

    THE FORBES REAL BITCOIN TRADING VOLUME

    \n

    Daily bitcoin real volume in $ millions, Jun 14, 2022, 157 crypto exchanges, $128 billion total

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    \n


    \n

    BTC-US DOLLAR Daily Volume

    \n

    Group 1 exchanges, many of which are based in the U.S., provide $24.3 billion in daily USD-BTC liquidity, and Group 2 exchanges add $17.3 billion. The prominence of Group 1 exchanges as the main source of BTC-USD occurs across spot, perpetuals, and futures contracts. CME Group is the leading provider of bitcoin futures globally, with $2.1 billion of USD-BTC futures changing hands daily. There are at least 27 crypto exchanges\u201312 in Group 1\u2013that have daily BTC-USD liquidity greater than $5 million.

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    \n

    BITCOIN - U.S. DOLLAR (USD) TRADING ACTIVITY

    \n

    Daily real volume in $ million by crypto exchange group, Jun 14, 2022

    \n


    \n

    BTC - U.S. TETHER Daily Volume

    \n

    At $71.4 billion daily volume, bitcoin-tether (BTC-USDT) activity exceeds that of BTC-USD by 57%, with 79% generated by Group 2 crypto exchanges and 5% by those in Group 3. There are 77 exchanges\u201344 in Group 2, 12 in Group 1\u2013with daily bitcoin-tether volume above $5 million. Tether is prominent across spot and perpetual futures markets, less so among the regulated futures industry, which is largely absent outside of the U.S.

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    \n

    BITCOIN - TETHER (USDT) TRADING ACTIVITY

    \n

    Daily real volume in $ million by crypto exchange group, Jun 14, 2022

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    \n

    BTC - U.S. DOLLAR COIN Daily Volume

    \n

    U.S. dollar coin (USDC\n USDC\n ) is gaining adoption in the stablecoin arena. Daily liquidity for bitcoin-USDC was $2.15 billion, with Groups 1 and 2 splitting that total 39% and 60%, respectively. An interesting observation is that Group 2 exchanges use USDC actively in the spot bitcoin market whereas Group 1 exchanges do so with perpetuals. This different use could suggest that Group 2 exchanges may be open to the idea of supporting an alternative to tether\u2019s dominance in the stablecoin market.

    \n

    USDT and Binance USD (BUSD\n BUSD\n ) each generate more volume than USDC, but the latter now has 26 crypto exchanges (17 in Group 2) with daily trading volume of $5 million or more, versus 77 exchanges for USDT and five with BUSD. If tether\u2019s prominence begins to wane, USDC could be the stablecoin most likely to pick up its crown.

    \n


    \n

    BITCOIN - U.S. DOLLAR COIN (USDC) TRADING ACTIVITY

    \n

    Daily real volume in $ million by crypto exchange group, Jun 14, 2022

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    \n


    CRYPTO EXCHANGES BY REAL TRADING VOLUME\n

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    \n

    TOP-10 CRYPTO EXCHANGES BY OVERALL REAL BITCOIN VOLUME

    \n

    Daily real bitcoin volume by leading firm in $ millions, Jun 14, 2022

    \n


    \n

    Bitcoin Trading Volume by Exchange Group

    \n

    The top-10 Group 1 crypto exchanges by volume originate from across the world, with three from the U.S. (CME Group, Coinbase, Kraken), one from Singapore (Crypto.com), one from Europe (LMAX Digital), four from financial offshore centers (FTX, OKX, Gate.io, BitMEX), and one from Central America (Deribit).

    \n

    Among Group 1 firms, FTX is the largest and growing at a fast clip. It wasn\u2019t until mid 2021 when institutional funding fueled a transformation of FTX operations from a midsized unregulated exchange focused on offshore crypto derivatives to a global group of exchanges today regulated in the U.S., Japan, Europe and elsewhere. In addition to derivatives, FTX trades in crypto spot, tokenized stocks and has recently added equities.

    \n


    \n

    LEADING GROUP 1 CRYPTO EXCHANGES

    \n

    Daily real bitcoin volume, in $ billions, Jun 14, 2022; Source: Forbes

    \n


    \n


    \n

    Group 2 crypto exchanges tend to be large and possess wide product offerings. They primarily focus on growth and tend to have much less interest in being regulated where they operate. They also generally lack robust ways to track and deter wash trading. Binance is by far the largest crypto exchange in Group 2, with $34.2 billion of daily trading activity followed by Bybit with $8.9 billion. The majority of these exchanges are based in offshore havens such as the Seychelles and British Virgin Islands.

    \n


    \n

    LEADING GROUP 2 CRYPTO EXCHANGES

    \n

    Daily real bitcoin volume, in $ billions, Jun 14, 2022; Source: Forbes

    \n

    Group 3 consists of 36 crypto exchanges which, with few exceptions, are unregulated and small. Their huge self reported volume and tiny visitor number cast doubt on the possibility that a limited audience could indeed generate that much trading activity. A case in point is BitCoke, which CoinMarketCap identifies as a Hong Kong-based, Cayman Island-domiciled exchange that purportedly generated $14 billion daily\u2013mostly from BTC-USDT perpetuals. SimilarWeb, however, indicates that the exchange\u2019s domain receives less than 10,000 monthly visitors\u2013with 53% coming from Argentina alone. The discrepancies in volume versus traffic plus lack of regulatory credentials result in Forbes discounting this firm\u2019s volume by 95% to $702 million.

    \n


    \n

    CRYPTO EXCHANGE MONTHLY VISITS APR 2022

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    Visits in millions by group - Four exchanges with more than 20 million visitors excluded (Binance, Coinbase, Bybit, FTX)

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    LARGEST EXCHANGES BY MAJOR BITCOIN PAIR\n

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    As discussed above, BTC/USD and BTC/USDT are by far the biggest spot pairs for bitcoin, but there are a few other pairs worth mentioning. The next largest are BTC-KWR, BTC-JPY\n PY\n , BTC-USDC, and BTC-EUR. An exchange\u2019s decision to offer base assets across bitcoin, especially when it comes to fiat, usually comes down to the local fiat currency used by an exchange\u2019s client base. Each of the companies trading bitcoin against the won or yen are based in South Korea or Japan respectively. USDC, by nature of its blockchain-based DNA, is easier to cross national-boundaries. Readers may notice that Kraken, Binance or Coinbase are not based in Europe, though they each have a series of licenses to operate in certain countries. They each offer euro trading as a way to onboard new users, but unlike the South Korea or Japan-based exchanges, the euro is not their most dominant base asset for trading.

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    TOP CRYPTO EXCHANGES - SELECT SPOT BITCOIN PAIRS

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    Spot Bitcoin Forbes True Volume in $millions, Jun 14, 2022

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    However, while eight pairs by volume garner the majority of bitcoin volume, there are dozens of other varieties trading at obscure exchanges uncounted even in our present study. For example, it is difficult to find the amount of BTC-NGN (Nigerian naira) volume traded in Nigeria because crypto data firms like Nomics, CoinMarketCap and CoinGecko generally do not track it. One can safely assume that local crypto exchanges not widely known outside of Nigeria capture most BTC-NGN liquidity, which is likely true for many other exchanges operating in emerging markets.

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    LARGEST SPOT BITCOIN CRYPTO EXCHANGES

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    Bitcoin Forbes Real Volume in $ millions, Jun 14, 2022

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    These observations are largely true when it comes to perpetual futures as well. However, the won and the yen do not appear to have gained significant market share in this area.

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    LARGEST BITCOIN PERPETUALS CRYPTO EXCHANGES

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    Bitcoin Forbes Real Volume in $ millions, Jun 14, 2022

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    Finally, when it comes to the traditional futures markets, such as those that offer regular monthly expirations, the only two pairs that seem to matter are BTC-USD and BTC-USDT.

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    LARGEST BITCOIN FUTURES CRYPTO EXCHANGES

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    Bitcoin Forbes Real Volume in $ millions, Jun 14, 2022

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    KEY TAKEAWAYS\n

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    The Forbes Real Volume study revealed a number of key insights for crypto investors and industry.

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    Bitcoin may just be the beginning of the problem. If reported trading volumes for bitcoin, the most regulated and closely-watched crypto asset around the world, are untrustworthy, then metrics for even smaller assets should be taken with even greater grains of salt. At its best, trading volume is one of the most measurable signs of investor interest, but it can be easily manipulated to convince novice investors that it has much more demand than it actually does.

    \n

    Binance remains the 800-lb elephant in the room. Even after a 45% discount on its volume, Binance still generates the equivalent of 27.3% of all \u201creal\u201d trading volume. There is no other crypto exchange that can match its market power, and it's been that way for the past two years. That said, while Binance has been saying all of the right things about cooperating with regulators - it has started getting licenses around the world and is promising to announce a global headquarters - questions remain about its operational controls. Unless regulators can get comfortable with Binance\u2019s legitimacy, it may be difficult to envision a spot ETF getting approved anytime soon.

    \n

    Tether remains \u201cToo Big To Fail\u201d - for now: This study invites more questions about the true use and value of two of the largest stablecoins - USDT and BUSD. Say what you will about Tether, and people have, it has found product-market fit in a big way. But that is the exact problem in the minds of many so-called Tether Truthers, who do not believe that the $68 billion is actually backed by reserves. It is hard to imagine what would happen to markets if traders stopped trusting tether - and to be fair there is little evidence that this is happening - and none of its competitors were willing to take its place.

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    Areas For Future Study

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    The role of stablecoins in market manipulation. We did not see any evidence that tether-based trading pairs were any more prone to fraud than other assets. However, this area is worth looking into further, especially if tether begins to deviate again from its $1 peg or other algorithmic stablecoins begin to gain traction in large spot-market trading. An ostensibly stable base asset that has higher-than-expected volatility can always lead to both legitimate arbitrage opportunities as well as openings for fraud.

    \n

    The potential of perpetual futures to be manipulated. Through our research, including first-person interviews with direct market participants, we did not see any evidence that perpetual futures are more prone to wash trading and other forms of manipulation than conventional futures or spot contracts. However, given the relatively novel nature of this product (it was created in 2016), as well as its dominance in crypto trading, it is well worth deeper study.

    \n

    The future of DEXS in market manipulation. This report did not focus on decentralized exchanges (DEXs), in large part due to the fact that they are not major players in bitcoin trading. To the contrary, when it comes to spot markets most of the major players have separated themselves from the major centralized exchanges by specializing in novel ways to provide liquidity in long-tail assets that are not financially worthwhile for many traditional exchanges to offer. That said, the market share of DEXs has slowly been creeping up to that of spot\u2013there are even days where Uniswap, the largest DEX, has more trading volume than Coinbase.

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    FORBES METHODOLOGY\n

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    The Forbes methodology for discounting bitcoin trading volume follows a series of steps.

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    Regulation. We identify crypto licenses and from what regulatory body that each exchange possesses and use that as proxy to gauge their level of sophistication and intent to deter wash trades and publishing fake volume.

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    Third-party input. We considered the work of select third parties such as volume data from CoinMarketCap, CoinGecko, Nomics and Messari. Messari\u2019s volume statistics are less extensive by pairs, and it has fewer exchanges than its peers, but it has its own real-volume calculations. Forbes tracked in recent months how Messari applied a volume discount ranging from 40% to 65% to Binance volume, compared with the averages reported by CoinMarketCap, CoinGecko and Nomics at the time. Messari also discounts the trading volume of FTX by a lesser percentage (less than 20%) and that of Kraken by 99%. With regards to this latter, Forbes doesn\u2019t share the view of applying a heavy discount to a firm that is among the most regulated crypto exchanges in the world. Most exchanges going through the Messari real volume analysis, however, lack any type of volume discount.**

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    Web traffic. Forbes employs third-party data from web analytics firm SimilarWeb to heavily discount the volume of firms claiming a high trading volume without having sufficient crypto licenses and web traffic to generate such volume.

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    Forbes interviews. Forbes has conducted dozens of interviews of senior executives at major crypto exchanges to supplement quantitative information on a firm\u2019s profile.

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    * Editor\u2019s note. After publication, Bullish.com provided Forbes non public information, such as that Bullish is in the process of moving to an institutional-only focus from the present one which appears to be retail and institutional. For the original ranking Bullish received a discount of 90% on bitcoin volume, however considering its institutional focus and other factors a discount of 15% is more appropriate.

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    ** Editor\u2019s note II. After publication, Messari notified Forbes that parts of its website experienced a glitch (now resolved) showing only a subset of Kraken\u2019s trading volume; the firm also reaffirmed that it does not discount the volume of Kraken, FTX, or Binance.

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    \"Javier
    Javier Paz

    ", + "page_last_modified": "" + } + ] +} \ No newline at end of file