The United States despite its passive stand towards crypto accounts for almost one-fourth of the Bitcoin trading worldwide. The 29% trading share might have come as a surprise to many as the United States is not considered among the most friendly places to trade crypto.
The reason that these stats are surprising many crypto enthusiasts can be credited to overseas exchanges who often indulge in unfair trading techniques to show an inflated trading volume. There have reports that the majority portion of the trading volume of these overseas exchanges is probably fake.
The US comes a close second when it comes to places with the highest crypto trading volume, with Malta being at the top. Bitwise Asset Management firm has recently filed a document with the Securities and Exchange Commission on March 20 regarding the reports that the United States only account for 1% of the total trading volume.
Bitwise Asset Management Group in its document filing argued that the United States crypto market is well-regulated and the figure of 1% is totally irrelevant. Bitwise wanted to know the trading volume by its domicile rather than exchanges since, most of them does not project a correct picture.
The Bitwise Report Can Attract Many Crypto services offering firms
As per the reports published by Bitwise, the United States only come second to Malta in terms of trading volume by domicile. The reason that most of the people do not know of it, because of crypto exchanges around the globe often indulge in unfair trading techniques to show an inflated trading volume.
The recent report can clear the air and misinformation surrounding the regulations in the United States. Many believe that the findings in the report can attract many more new users looking for crypto services to the country.
The Bitwise drew its conclusion over the actual trading volumes by various exchanges by analyzing the trade sizes, volumes, and pricing that exchanges report. Bitwise found that while many shows normal patterns in terms of prices and trade volumes, but the majority of them are idiosyncratic and highly suspicious.
Two major exchanges based in the US, Kraken, and Coinbase has shown steady growth in terms of price and the asset moved, Bitwise says that these exchanges handle more Bitcoin trading volume on a regular basis than many of its counterparts which shows inflated numbers.