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<ul><li>More than 51 per cent of the total <keyword id="6354947" type="General" weightage="100" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> trading volume on various <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> exchanges this year is fake.</li><li>According to data provided by niche news publisher BanklessTimes.com, the majority of this fake Bitcoin volume is due to wash trading.</li><li>According to the report, faking trading volume can be a way for exchanges to attract new customers.</li></ul>More than 51 per cent of the total Bitcoin trading volume on various crypto exchanges this year is fake amid volatile global economic conditions, a new report has claimed. Bitcoin is the blue chip of cryptocurrency and represents 40 per cent of the total crypto assets outstanding in the new and volatile crypto markets. Its market cap is currently at 382.25 billion. According to data provided by niche news publisher BanklessTimes.com, the majority of this fake Bitcoin volume is due to wash trading. Wash trading is illegal, where an asset is bought and sold simultaneously on the same platform to create false liquidity. This is often done by bots or spoofing orders. "It's difficult to talk about cryptocurrency without talking about Bitcoin. Yet, there is a concern that a large part of the daily traded volume of Bitcoin is fake. This puts into question the legitimacy of exchanges and the reliability of data," said Jonathan Merry, CEO of BanklessTimes. Another factor contributing to the fake volume is stablecoins such as Tether (USDT).A Tether pairs very well with Bitcoin and is often used to buy and sell Bitcoin on exchanges. "This results in much volume being generated without any actual Bitcoin changing hands," said the report. According to the report, faking trading volume can be a way for exchanges to attract new customers. By appearing to be more popular than they actually are, exchanges can trick investors into thinking there is more activity and liquidity on their platform. Another reason people might engage in wash trading is to prop up the price of a particular asset, according to the report. By buying and selling the asset simultaneously, they can create the illusion of demand and drive up the price. This can be done for personal gain or artificially inflate an asset's price before selling it. "Investors should be wary of exchanges that report false figures. You must do your research and only use exchanges you trust," the report suggested. SEE ALSO: <a href="https://www.businessinsider.in/business/news/whatapp-business-gives-a-new-lease-of-life-to-solopreneurs-across-india-and-bharat/articleshow/94673370.cms">WhatsApp Business gives a new lease of life to solopreneurs across India and Bharat</a> <a href="https://www.businessinsider.in/business/news/indias-service-sector-activity-falls-to-6-month-low-in-sep-amid-inflation-competition-pmi/articleshow/94675187.cms">India's service sector activity falls to 6-month low in Sep amid inflation, competition: PMI</a>

More than half of Bitcoin volume on crypto exchanges fake: Report

<ul class="summary-list"><li>Bitcoin and gold have both been hitting new record highs.</li><li>The cryptocurrency is surging following SEC approval of spot ETFs and a looming "halving" event.</li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> and <a href="https://markets.businessinsider.com/commodities/gold-price">gold</a> are moving in tandem right now, and both the digital currency and the precious metal hit new record highs last week.Those gains have come during a relatively muted period for stocks, with the benchmark <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> index up just 3% over the past month as investors try to figure out <a href="https://www.businessinsider.com/recession-outlook-jamie-dimon-jpmorgan-us-economy-interest-rates-cut-2024-3">the Federal Reserve's next move on interest rates</a>.Gold and what some call its <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-digital-gold-crypto-crash-volatility-ftx-sbf-2023-8">digital equivalent</a> are benefiting in different ways from an <a href="https://www.businessinsider.com/goldilocks-economy-interest-rate-cuts-federal-reserve-2024-2">unusual macroeconomic environment</a> where inflation and interest rates remain a top priority for the market, analysts say."I think it's a coincidence, really — gold attracts certain people, and bitcoin attracts other investors," Kathleen Brooks, research director at the online brokerage firm XTB, told Business Insider. "But these alternative asset classes are kind of where it's at.""Several factors have driven the two of them to new records, but it's really a quirk of the macro backdrop that they're both rising at the same time."<h2>Bitcoin blitz</h2>After a rough couple of years, bitcoin has kicked off 2024 on a tear. The token is trading above $73,000 and is up almost 75% since January 1, per a <a href="https://www.marketwatch.com/investing/cryptocurrency/btcusd" target="_blank" rel="noopener">CoinDesk index</a> that tracks its price.That surge has powered it <a href="https://markets.businessinsider.com/news/currencies/bitcoin-halving-event-price-impact-record-high-above-72000-btc-2024-3#:~:text=Bitcoin%20hit%20a%20new%20record,near%2D80%25%20price%20decline.">past its previous high of about $69,000</a> set in November 2021 at the height of the last crypto bubble:In January, the Securities and Exchange Commission fired the starting gun on bitcoin's stellar rally by approving <a href="https://markets.businessinsider.com/news/currencies/spot-bitcoin-etf-crypto-investing-analysis-sec-approval-gary-gensler-2024-1">11 spot ETFs</a>, which allowed a flurry of institutional investors to pile into crypto for the first time.More recently, investor excitement has been building about an upcoming "<a href="https://markets.businessinsider.com/news/currencies/bitcoin-halving-event-cryptocurrency-new-all-time-high-halvening-explained-2024-3">halving event</a>" that's expected to take place in April. That will slash the reward for mining new blocks by half, which in the past has boosted bitcoin's price by making supply scarcer."Spreading into the ETF space was massive for bitcoin," Brooks said. "Past halvings have gone unnoticed — but that hasn't happened this time, because bitcoin is so much more mainstream, and that should help keep up demand."<h2>Golden run </h2>Gold's early 2024 run has been more subtle — but that's a given when you're dealing with an asset that investors tend to see as a "safe haven" defined by its low volatility.The precious metal dipped slightly on Tuesday but is still up about 4.5% year-to-date at $2,159 per Troy ounce. That's above the previous record high of about $2,140 reached in December:Central banks from countries including <a href="https://www.gold.org/goldhub/gold-focus/2024/03/central-banks-accumulate-more-gold-january-starting-2024-they-mean-go" target="_blank" rel="noopener">China, Turkey, and India</a> have all been on a gold-buying spree in recent months, helping to squeeze its price higher.It appears they're loading up to diversify their reserves, with other major holdings such as <a href="https://markets.businessinsider.com/index/us-dollar-index">the US dollar</a> tumbling as traders prepare for the Fed to start cutting interest rates."Gold is very much driven by central banks, without question or doubt," Marc Ostwald, chief economist for ADM Investor Services International, told BI."They feel uncomfortable with the fact that they've got too much in the way of dollars in their portfolios. There aren't many other alternatives, but gold is one of them."Analysts also believe that gold's strong recent run has underlined its status as a haven for investors, with the wars in Ukraine and Gaza dragging on and <a href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-food-gas-housing-prices-february-2024-3">stickier-than-expected inflation</a> still fueling market jitters.Bitcoin and gold are two of the hottest assets on the market right now — just for very different reasons.

Bitcoin and gold are both on fire right now — but for very different reasons

<ul class="summary-list"><li>China's crypto transaction volumes have stayed strong, despite a ban on digital assets.</li><li>Investors are turning towards cryptocurrencies as China's stocks have floundered. </li></ul>The massive slide in Chinese equity markets is emboldening domestic traders to turn towards cryptocurrency, despite Beijing's strict disapproval of the asset class.In the face of heavy regulation, mainland China still witnessed an estimated $86.4 billion raw transaction volume between July 2022 and June 2023, outpacing its industry-friendly counterpart in Hong Kong, a <a href="https://go.chainalysis.com/rs/503-FAP-074/images/The%202023%20Geography%20of%20Cryptocurrency%20Report.pdf?version=0" target="_blank" rel="noopener">Chainalysis</a> report found. That's as Chinese stocks have been dragged down in the last three years, witnessing a <a href="https://www.businessinsider.com/china-hong-kong-stock-market-slump-confused-beijing-economy-signals-2024-1">$6 trillion valuation</a> decline in that period. The downturn hasn't abated, with the country's <a href="https://markets.businessinsider.com/index/csi-300?utm_medium=ingest&amp;utm_source=markets">CSI 300</a> index already down 4% this year.Against this, both retail investors and brokerages in China are finding refuge in cryptocurrencies, sources told <a href="https://www.reuters.com/technology/bruised-by-stock-market-chinese-rush-into-banned-bitcoin-2024-01-25/" target="_blank" rel="noopener">Reuters</a>. One finance executive told the outlet that half of his portfolio is now made up of digital assets, which are up 45%."If you are a Chinese brokerage, facing a sluggish stock market, weak demand for IPOs, and shrinkage in other businesses, you need a growth story to tell your shareholders and the board," an anonymous crypto exchange executive said.Technically, Beijing implemented a <a href="https://markets.businessinsider.com/news/currencies/china-crypto-crackdown-timeline-regulatory-bitcoin-ether-solana-dogecoin-bans-2021-9">ban on crypto transactions in 2021</a>, adding onto earlier curbs that suspended crypto exchanges and restricted banks from participating in the industry.But investors have been finding ways around these barriers, Reuters reported. One strategy is to use over-the-counter channels, which are privately conducted transactions, or to go through international exchanges such as Binance. Otherwise, investors have also been using offshore bank accounts to purchase cryptocurrency, or turning to Hong Kong, which has endorsed use of the asset class. Even Chinese bank and brokerage subsidiaries in the territory are eyeing crypto opportunities.In recent days, Beijing has demonstrated a renewed desire to attract investors back into its equity markets, with a <a href="https://markets.businessinsider.com/news/stocks/china-stock-market-crash-beijing-intervention-hang-seng-xi-jinping-2024-1?utm_medium=ingest&amp;utm_source=markets">$280 billion support scheme</a> in the works.Alongside crypto, Chinese investors have been rushing to buy into foreign securities, as stocks in the US, Japan, and India have offered massive gains. To limit outflows, authorities have recently <a href="https://markets.businessinsider.com/news/stocks/china-stocks-rout-restrictions-foreign-investing-economy-outlook-downturn-2024-1?_gl=1*1t6ys2r*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwNjE5MzA2OS40NC4xLjE3MDYxOTQ3MTYuNjAuMC4w">instructed domestic funds to curb access to overseas markets</a>.

China's stock rout has spurred a mad dash into banned bitcoin

Fake cryptocurrency exchanges have duped Indian investors of more than $128 million (nearly Rs 1,000 crore) as the global crypto market tanks, a new report claimed on Tuesday. Cyber-security company CloudSEK said it has uncovered an ongoing operation involving several phishing domains and Android-based fake crypto applications. "This large-scale campaign entices unwary individuals into a huge gambling scam. Many of these bogus websites impersonate "CoinEgg", a legitimate UK-based cryptocurrency trading platform," according to the report. CloudSEK was approached by a victim who allegedly lost Rs 50 lakh ($64,000) to such a cryptocurrency scam, in addition to other costs such as deposit amount, tax, etc. "We estimate that threat actors have defrauded victims of up to $128 million (about Rs 1,000 crore) via such crypto scams," said Rahul Sasi, Founder and CEO of CloudSEK. As investors shift their focus on the cryptocurrency markets, scammers and cheats turn their attention to them as well,' Sasi added. Threat actors first create fake domains that impersonate legitimate crypto trading platforms. The sites are designed to replicate the official website's dashboard and user experience. The attackers then create a female profile on social media to approach the potential victim and establish a friendship. The profile influences the victim to invest in cryptocurrency and start trading. "The profile also shares $100-dollar credit, as a gift to a particular crypto exchange, which in this case is a duplicate of a legitimate crypto exchange," the report mentioned. The victim initially makes a significant profit, which bolsters their trust in the platform and the threat actor. After the victim seemingly makes a profit, the scammer convinces them to invest a higher amount, promising better returns. Once the victim adds their own money to the fake exchange, the threat actor freezes their account, ensuring the victim can't withdraw their investment, and disappears with the victim's money. When victims take to various platforms to complain about losing access to their accounts, the same, or new, threat actors reach out to them in the guise of investigators. "To retrieve the frozen assets, they request victims to provide confidential information such as ID cards and bank details, via email. These details are then used to perpetrate other nefarious activities," the report warned. In the long-term, it is imperative for the collaboration between crypto exchanges, Internet service providers (ISPs), and cyber crime cells to raise awareness and take action against threat groups," said Sasi. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-markets-face-a-long-road-back-after-bitcoin-plunges-below-20000-as-an-every-man-for-himself-attitude-spreads-ubs-strategist-says/articleshow/92337463.cms">Crypto markets face a long road back after bitcoin plunges below $20,000 as an 'every man for himself' attitude spreads, UBS strategist says</a>

Indian investors have lost nearly ₹1,000 crore to fake cryptocurrency exchanges

<ul><li><keyword id="6416838" type="PERSON" weightage="20" keywordseo="coindcx">CoinDCX</keyword> has launched a new campaign to expand its reach. </li><li>It is also offering 1 <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> to a few lucky users.</li></ul>CoinDCX has launched a digital campaign titled #BitcoinLiyaKya on all social media platforms to bring new users onboard. The campaign employs a humorous story-telling approach to introduce cryptocurrencies like Bitcoin as the latest must-have investment for Indian investors. It aims to appeal to not just the millennial &amp; Gen-Z populations that have taken a liking to the crypto space but also the boomer generation that may have had apprehensions in venturing into this relatively new asset space. The #BitcoinLiyaKya campaign is currently live on YouTube, Facebook, LinkedIn, Instagram and Twitter handles. <div type="Youtube" id="YZlMBI3Qzu8" title="Bitcoin Liya Kya? | Prince and the Bitcoin | CoinDCX Go App #BitcoinLiyaKya #CoinDCXGo #TryCrypto" thumbUrl="https://i.ytimg.com/vi/YZlMBI3Qzu8/mqdefault.jpg"></div> With a special focus on Bitcoin in this campaign, CoinDCX is incentivizing new users with Rs 100 worth of free bitcoin through voucher code "CoinDCX Go." Additionally, a few lucky users stand a chance to each win a portfolio of 1 Bitcoin. Speaking on the purpose and timing of this campaign, Ramalingam Subramanian, Head of Brand and Communication, CoinDCX said, "with the #BitcoinLiyaKya campaign, we aim the viewers to consider Bitcoin as an investment class asset. We want people of India to consider investing 1 to 5% of their portfolio in crypto-assets such as Bitcoin. I think the millennials are digital savvy, they will be benefiting the most by investing in this digital gold." He added, "at CoinDCX, we have been empowering investors in making safe &amp; secure investments in popular crypto-assets like Bitcoin since our inception in 2018. Our CoinDCX Go app has been launched to facilitate the same purpose, and it has already crossed 1 million downloads in just five months. We aim to onboard new investors by leveraging the virtues of the simple, safe and compliant crypto ecosystem through this campaign and march towards building a larger investor community". Creating a pre-loaded portfolio on CoinDCX Go is simple and hassle-free. One only needs to install the CoinDCX Go app, signup and add the voucher code "CoinDCX Go". However, users must hold the portfolio for a month to unlock it and make at least one purchase.

You Searched For "bitcoin exchange in india" and got 5 results

More than half of Bitcoin volume on crypto exchanges fake: Report

IANS

Bitcoin and gold are both on fire right now — but for very different reasons

George Glover

China's stock rout has spurred a mad dash into banned bitcoin

Filip De Mott

Indian investors have lost nearly ₹1,000 crore to fake cryptocurrency exchanges

IANS

Cryptocurrency exchange platform CoinDCX launches a new ad to encourage millennials and Gen-Z to invest

BI India Partner

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