Half of All Bitcoin Trading is Exaggerated Claims Forbes

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The American business magazine has conducted an extensive study of crypto trading platforms. Unfortunately, the self-proclaimed volume of bitcoins that are traded there is heavily exaggerated, and it sounds like.

Forbes analyzed 157 crypto exchanges to determine which platforms are reliable and what trading on such apps and sites is like. It relied on data from 2021 in combination with several data sources, including companies that dive into crypto data.

The most notable finding is that cryptocurrency trading platforms like to present their activity as slightly larger than it is. Forbes estimates that 51 percent of the self-declared volume in bitcoin, by far the most popular virtual currency, is counterfeit or non-economic.

As an example, it took the trading volume of June 14 last year. According to Forbes, that would amount to $128 billion. But if the magazine adds up the self-declared volumes of the largest trading platforms, it comes to $262 billion.

The research looks at multiple facets of the crypto platforms and how reliable the platforms are based on employee numbers, visitor numbers, and other data. That the volumes are exaggerated has gradually come to light. But it does find that with less reliable platforms, the actual volume is often much lower than what they claim.

Forbes mentions some big names there, such as Binance, MEXC Global, and Bybit, who, when you add up their self-proclaimed figures for the day, would handle $217 billion in trading volume, whereas Forbes’ figure comes out at just $89 billion. Yet, even after that recalculation, Binance remains the largest player in the market.