Forbes Crypto Report (August 2022)

The following crypto market report by Forbes covers 157 crypto exchanges and was released on August 26, 2022.

Highlights

• Over 570 million people visit crypto exchange websites monthly.

• Approximately 14% of all adult Americans (an estimated 46 million people) own Bitcoin (BTC).

• Only half of the reported BTC trading volume is genuine; the real daily BTC volume is around $128 billion.

• Binance holds a 27% market share and, along with their stablecoin Tether (USDT), leads the crypto market.

Forbes Study

Their study involved 157 crypto exchanges worldwide. These are their main findings:

• The cryptocurrency market consists of over 10,000 tokens; however, Bitcoin (BTC) alone accounts for 40% of the total market value.

• About 14% of all adult Americans (an estimated 46 million people) own BTC, according to the New York Digital Investment Group.

• Over 570 million people visit crypto exchange websites monthly.

• Tether remains “Too Big To Fail.”

• Tether (USDT), with a market value of $68 billion, continues to be a dominant player in the crypto industry, especially concerning trades against Bitcoin.

• Across all markets, 21 crypto exchanges generate $1 billion or more in daily trading volume, while the next 33 exchanges generate between $200 million and $1 billion.

• Binance is the market leader, holding a 27% market share, followed by FTX and OKX.

• Chicago-based CME Group leads in bitcoin futures trading.

• Only half of all reported BTC trading volume is real, representing a daily volume of $128 billion (as of June 14).

Wash Trading

The CFTC defines wash trading as “entering into or purporting to enter into transactions to give the appearance that purchases and sales have been made, without incurring market risk or changing the trader's market position.”

But who benefits from wash trading?

• Crypto exchanges, as wash trading allows them to appear to have higher volume and gain more market share.

• Market makers who want to convince the public that a cryptocurrency asset is gaining popularity.

The Methodology of the Report

• Third-party input:

Volume data was collected from CoinMarketCap, CoinGecko, Nomics, and Messari.

• Web traffic:

Third-party data was sourced from the web analytics firm SimilarWeb.

• Forbes interviews:

Forbes conducted dozens of interviews with senior executives at major crypto exchanges to supplement the quantitative data with qualitative insights.

■ Forbes Crypto Industry Report (August 2022)

Source: Forbes.com (August, 26th 2022)