Half of bitcoin trades are fake, says Forbes

More than half of bitcoin's trading volume in the world is fake, according to a Forbes analysis.

It estimated the daily volume of 157 crypto exchanges was US$128 billion (HK$998.4 billion) on June 14, 51 percent less than the US$262 billion one would get by taking the sum of self-reported volume from multiple sources.

Tether, the world's largest stablecoin, continues to be a dominant player in the crypto trading economy, especially when it comes to trades against bitcoin. Its current market capitalization is US$68 billion.

Bitcoin dipped 0.25 percent to HK156,945 apiece yesterday, while ethereum dropped 0.89 percent to HK$11,623.08.

Following the US Federal Reserve's commitment to aggressive interest rate hikes on Friday, bitcoin and ethereum have declined 8.2 percent and 12.4 percent so far respectively.

Staff reporter