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One of the biggest scams reported in bitcoin trades, citing a report by Bitwise Asset Management in Forbes article state - around 95 percent of the trading volumes reported is bogus. Approximately $6 billion per day of trading volume is reported by CoinMarketCap, but the Forbes article claims actually only 4.5 percent of the reported, that is, $273 million is the actual trading volume(as per Bitwise).
The Bitwise report found several issues where the screenshots display clean buy and sell trade patterns, which is not possible in real-world trading. There exists an absence of small trades and the patterns lack round numbers.
Before December 2017, the hedge fund manager Mike Novogratz claimed the coins will reach $40,000. It broke the $11,000 barrier, and the antivirus maker McAfee said: "there will be $1 million BTC in the market by 2020.
It was at $20,000 in mid-December 2017, and the predictions appeared true, but the last year trades clearly indicated there were some problems, as it fell over 80 percent from peaks to below $4000, and the market values declined from $327 billion to $66 billion in a year.
Since the decline, there were reports of a decline in the number of wallets and the loss of 1500 nodes on networks. An A12-percent decline in the computers that connect to the network has been reported by Bitnodes.
The transactions per day fell, and the mining revenue diminished to suggest the number of transactions has plummeted. Overall the global popularity score fell from 100 to 18.
Microsoft resumed the BTC payment choice this year, but companies like Expedia and Reddit abandoned such payments, and companies working on crypto businesses such as ConsenSys and Bitmain lay off employees.
Many had predicted a big gain in the price of such coins in the future. Tim Draper, the venture capitalist, predicted the worth of such asset will be $250,000 by 2023, and now, it is trading 74.1 percent below the estimated price. Still, many traders are expecting a rally soon.
On March 17, Tom Lee of Fundstrat said "the tailwinds led the coins down, and the major factors responsible for the tailwinds are - rally in risk assets and dollar price.
" He stated the emerging markets have pulled the currencies and the price could range in $10,000 to $20,000, if BTC catches up with the equities and also, the selling pressure will ease after April 15. In November 2018, he had predicted a $15000-year-end price.
There is no statistical correlation of BTC to stock markets that makes it a great diversifier. Expert money managers insist there is no correlation between emerging market trends and digital money.
Unregulated exchanges and anonymity on such trade platforms allow laundered money to enter the system, and blockchain allows the decentralized exchange of currency in an anonymous fashion, where one cannot claim refunds on losing money.
Many such transactions are complicated to track and liquidity can be one of the consequential issues in the condition of extensive transfer of money.
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