Much of Bitcoin trading data coming from exchanges is fake, according to Forbes
Due to the lack of regulation and any standards of reporting, there have been big concerns about how accurate is the data provided by crypto exchanges. Now, Forbes says that most of it is “fake”.Pax made a research of 157 crypto trading venues, the article does not name any of them, though. His analysis showed that more than 50 percent of allThe analyst refers to the figures of BTC trading volume. On June 14 it constituted $128 billion by his estimates.
According to the research, smaller and the least famous exchanges in the crypto market take to this method of promoting themselves. Their volumes are 80-99 percent smaller than they prefer to report.The second explanation is called “wash trading”. This is when whales open and then right away close positions. Large traders use this illegal technique to make it look like there is a high demand in the markets in order to manipulate the latter.
While, the research made by Forbes is related only to Bitcoin, it is not hard to imagine what is happening with small-cap cryptocurrencies when exchanges report trading volumes on those.
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