US exchanges with cryptocurrency deal with about 29% of the worldwide Bitcoin trading, which is much more than previously thought.
With this conclusion, Bitwise Asset Management, which drew up a Bitcoin study to support its proposal to approve Bitcoin ETFs with the US Securities and Exchange Commission (SEC), came to this conclusion.
We have written about the conclusions of the Bitwise study that about 95% of the volume (daily trading volume) is a fraud in this extensive article.
American influence on Bitcoin
In the report, Bitwise reports that the data for the fake volume of stock exchanges suggest that the assumptions that trading in the US is only 1 percent of the volume of Bitcoin deals are far from the truth.
Bitwise claims that, in particular, many unregulated exchanges abroad have artificially increased their business volumes to attract more customers. When reports of these exchanges are cleared of false data, their impact on Bitcoin trading is considerably lower, and conversely, US trading, where stock exchanges have to comply with much stricter regulatory rules, suddenly has a significantly larger dimension.
According to the study, only Bitcoin trading in Malta, where Binance and OKEx are located, is more influential.
Malta makes up over 40% of Bitcoin trading. The 29% are US, almost 14% Taiwan, 11.6% UK and 5% Japan.
These conclusions are another Bitwise argument in favor of approving their Bitcoin ETF application. The company claims that Bitcoin trading is, according to these data, much more regulated than it may have been. Only unregulated exchanges that falsify their data create a false impression. According to Bitwise, regulated US exchanges (plus a few unregulated, but fair data, such as Binance) combined with Bitcoin futures contracts with CBOE and CME have a far more significant impact on the Bitcoin price than previously thought.
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