BanklessTimes: 51% of Bitcoin trading in 2022 was bogus
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51% of daily bitcoin trading volume in 2022 is fictitious transactions. To this conclusion came analysts of the portal about cryptocurrencies BanklessTimes.
“It’s hard to talk about cryptocurrencies without talking about bitcoin. That being said, there are concerns that a huge portion of the daily volume of bitcoin trading is fictitious. This calls into question the legitimacy of the exchanges and the credibility of the data,” said BanklessTimes CEO Jonathan Merry.
A significant part of these fictitious transactions is a scheme in which assets are simultaneously sold and bought on the same platform, often by bots. According to analysts at BanklessTimes, this is done to inflate trading volume – either to attract new customers to the exchanges or to make a particular cryptocurrency look more popular. In addition, fictitious trading is often associated with transactions in stablecoins. For example, Tether is often used to buy and sell bitcoins without actually changing ownership of bitcoins.
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