[ad_1]
Could Bitcoin still go to $ 25,000?
Thomas Lee, managing partner of Fundstrat Global, about the actions investors should consider for their portfolios and the outlook for bitcoins.
About 95% of bitcoin transactions are distorted by unregulated cryptocurrency exchanges, according to an analysis by an asset company seeking approval for a bitcoin ETF by the US Securities and Exchange Commission .
In a presentation released Thursday, Bitwise Asset Management quotes data from CoinMarketCap, an industry source, that puts the daily volume of bitcoin transactions at around $ 6 billion. Based on an analysis of 81 four-day cryptographic exchanges in March, Bitwise found that just $ 273 million could be tied to legitimate transactions.
MORE ABOUT THIS
"The real bitcoin market is much smaller, more orderly, and more regulated than most people understand," Bitwise said in its presentation.
The Wall Street Journal was the first to report on Bitwise's presentation.
Bitwise argues that 71 of the 81 cryptocurrency exchanges analyzed presented trading patterns suggesting fraudulent activity. The company stated that most transactions on these platforms were either "fake volumes" or "non-economic business transactions", a term used to describe the simultaneous purchase and sale of the same asset.
Conversely, transactions in bitcoins on platforms subject to some form of regulation, such as Binance, CoinBase and Gemini to Winklevoss twins, followed authentic patterns.
CLICK HERE TO GET THE FOX BUSINESS APP
The SEC has so far rejected all efforts to create a Bitcoin ETF, including two attempts by the Winklevoss Twins, citing concerns about consumer protection and manipulated transactions. Like all crypto-currencies, bitcoin prices have been subject to extreme volatility, reaching $ 19,000 by the end of 2017 to fall to under $ 4,000 in recent months.
[ad_2]
Source link