Forbes Crypto Report (August 2022)

The following crypto market report by Forbes involves 157 crypto exchanges and was released in 26th of August 2022.

Bitwise/ETF Trends 2022 Benchmark Survey

 

Key Points from the Forbes Report

  • Over 570 million people visit crypto exchange websites on a monthly basis
  • About 14% of all adult Americans (an estimated 46 million people) own BTC
  • Only half of all reported BTC trading volume is real. The real daily BTC volume is around $128 billion
  • Binance with a 27% market share and their stablecoin Tether (USDT) are leading the crypto market

 

Forbes Study

Their study involved 157 crypto exchanges across the world. These are their main findings:

  1. The cryptocurrency market consists of over 10,000 tokens, however, BTC alone accounts for 40% of the total market value
  2. About 14% of all adult Americans (an estimated 46 million people) own BTC, according to New York Digital Investment Group
  3. Over 570 million people visit crypto exchange websites on a monthly basis
  4. Tether remains “Too Big To Fail”
  5. Tether (USDT) with a market value of $68 billion continues to be a dominant player in the crypto industry, especially as concerns Tether trades against Bitcoin
  6. Across all markets, 21 crypto exchanges generate $1 billion or more in daily trading volume, while the next 33 exchanges generate between $200 million and $1 billion
  7. Binance is the market leader, with a 27% market share, followed by FTX and OKX
  8. Chicago-based CME Group is the market leader in bitcoin futures trading
  9. Only half of all reported BTC trading volume is real or else a daily volume of $128 billion (on June 14)

 

 

Wash Trading

The CFTC defines wash trading as “entering into or purporting to enter into, transactions to give the appearance that purchases and sales have been made, without incurring market risk or changing the trader's market position.”

But who benefits from wash trading?

  • Crypto exchanges, as wash trading allows them to appear to have more volume and gain more market share
  • Market makers who wish to convince the crowd that a cryptocurrency asset gains rising popularity

  

The Methodology of the Report

Third-party input

  • Volume data from CoinMarketCap, CoinGecko, Nomics, and Messari

Web traffic

  • Third-party data from web analytics firm SimilarWeb

Forbes interviews

  • Forbes has conducted dozens of interviews of senior executives at major crypto exchanges to supplement quantitative information on a firm’s profile

 

Forbes Crypto Industry Report (August 2022)

Source: Forbes.com (August, 26th 2022)

 

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