The daily amount of transactions in the digital money market exceeded $ 50 billion. In 2019, this figure updated the historical maximum.
On April 23, total cryptocurrency trading reached $ 51 billion, according to Coinmarketcap. In December last year, the daily amount of transactions amounted to about $ 10 billion, this figure increased by 400% over several months.
In early April, a historic high of $ 86 billion has been set. There was no such thing on the digital money market even during the peak in early 2018, when the industry’s capitalization exceeded $ 830 billion.
Indicators can be exaggerated. According to the report Bitwise Asset Management, 95% of trading volumes on exchanges are fake. Now this issue is the US Securities and Exchange Commission (SEC).
At the end of March, OKEx director of financial markets Lennix Lai acknowledged that trading volumes were artificially inflated on the platform. He assured that the company is aware of the suspicious trading activity and tries to prevent it.
According to the head of Binance Changpen Zhao, reports on fake volumes are useful for the industry. Only in this way can the industry become more transparent, and cryptocurrencies can move better in the market, the expert says.