Most bitcoin trading volume reported by CoinMarketCap is falsified, according to a report by Bitwise Asset Management. It said although it reports a $6bn daily trading volume the real figure was $273m, 4.5% of the reported total. The company also claimed that its figures were based on an average price per transaction and not actual volume. Digital Capital Management managing director Tim Enneking said the news would be “not positive” if true but added most exchanges had a lower level of potentially fake volume. Meanwhile, Bitcoin Market Journal publisher John Hargrave said there was a list of exchanges with a good reputation.
Most bitcoin trading volume reported by CoinMarketCap is falsified, according to a report by Bitwise Asset Management. It said although it reports a $6bn daily trading volume the real figure was $273m, 4.5% of the reported total. The report used information from 81 exchanges reporting more than $1m of bitcoin trading a day. Digital Capital Management managing director Tim Enneking said the news would be “not positive” if true but added most exchanges had a lower level of potentially fake volume. Meanwhile, Bitcoin Market Journal publisher John Hargrave said there was a list of exchanges with a good reputation.