Fake Trading Volumes and the Price of Bitcoin: Are They Connected?

Last year, Bitwise Asset Management reported to the United States Securities and Exchange Commission that 95% of trading volume in (BTC) was fake. Bitwise found that, according to data published by CoinMarketCap — a widely cited tracker of crypto statistics — Bitcoin’s approximate average daily volume in April 2019 was $10 billion. In comparison, just $5.5 billion worth of Apple (NASDAQ:) stock — the most liquid stock in the world — trades daily, and the market cap of Apple stock is nine times the size of Bitcoin’s.

Related: Data Transparency and Fake Trading Volumes — Institutionalizing Crypto

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