Bitcoin ‘far larger’ than Binance or Coinbase, says Jan3 CEO: BTC Prague 2023

Bitcoin ‘far larger’ than Binance or Coinbase, says Jan3 CEO: BTC Prague 2023



Amid the panic over lawsuits against major cryptocurrency exchanges, one Bitcoin (BTC) advocate argued that the BTC market is much bigger than the one tracked by exchanges.

The total Bitcoin market is not limited to Binance, Coinbase or any other crypto exchange, Jan3 CEO Samson Mow told Cointelegraph at the BTC Prague 2023 conference on June 9.

“Whereas I think for Bitcoin, it’s much harder to quantify how much of the market it is. It’s because a lot of Bitcoin trades are block trades,” Mow said.

In mentioning Bitcoin block trades, Mow referred to private trading channels that allow investors to privately negotiate and proceed with large BTC buy or sell orders. Some of the channels include peer-to-peer (P2P) or over-the-counter (OTC) deals, he noted, adding:

Ledger

“You kind of have this black box around Bitcoin. You don’t really know how much the market is total. If Bitcoin functions as P2P, you’re not going to quantifiably measure how much Bitcoin is traded.”

Private Bitcoin trading channels like P2P or OTC are not included in total BTC trading volumes on major crypto tracking websites like CoinGecko. That means Bitcoin’s daily trading volume is more extensive than the $9.6 billion recorded at the time of writing.

“CoinGecko only tracks trades happening on crypto exchanges and does not track trades happening on P2P platforms and brokerages,” CoinGecko co-founder and chief operating officer Bobby Ong told Cointelegraph.

“P2P platforms include places such as Binance P2P, Huobi P2P, Paxful, Remitano and so on,” the executive noted. CoinGecko has no plans to track such platforms in the near future, Ong added.

Related: Binance.US halts trading for dozens of USDT, BTC, BUSD pairs amid SEC lawsuit

Apart from P2P, CoinGecko also doesn’t record institutional trades on OTC, Ong said, adding:

“Institutional trades that happen on exchanges that we track are recorded. OTC trades are not recorded as it’s like a P2P trade but between large entities.”

The new remarks from the Jan3 CEO may imply that cryptocurrency exchange moguls like Binance or Coinbase might not dominate the Bitcoin market as much as some think.

In January 2023, the Norwegian crypto research firm K33 Research — formerly Arcane Research — said that Binance handled 92% of the Bitcoin spot market in 2022. “No matter how you look at it in terms of trading activity, Binance is the crypto market,” the firm wrote at the time.

Magazine: Bitcoin is on a collision course with ‘Net Zero’ promises



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

You have not selected any currency to display

Pin It on Pinterest

Ico-Investor
Changelly
Ico-Investor
Bitcoin ‘far larger’ than Binance or Coinbase, says Jan3 CEO: BTC Prague 2023
Ledger
Paxful
Hedera (HBAR) Gains 5% But Faces Bearish Challenges Ahead
Bitcoin, Ether Tipped For Upside As ETH Hits 7-Month High
No Difference Between CBDCs and Regulated Stablecoins
The GENIUS Stablecoin Bill Prohibits Yield, ETH Stands to Benefit
3 Undervalued Altcoins Analysts Think Are About to Break Out in July
TON’s Next Stop Could Be $3.50, Here’s Why
Blockonomics
Paxful
Ethereum price rises towards $3,900 as it mirrors a historic stock market rally
JPMorgan Exploring Loans Backed by Bitcoin, Ethereum: FT
DeFi Development Nears 1 Million Solana In Treasury
Arbitrum leads with $1.9 billion inflows, outpaces Avalanche and Unichain in DeFi liquidity race
Bit Origin Buys 40 Million Dogecoin As Part of Crypto Pivot
Ethereum price rises towards $3,900 as it mirrors a historic stock market rally
JPMorgan Exploring Loans Backed by Bitcoin, Ethereum: FT
DeFi Development Nears 1 Million Solana In Treasury
Arbitrum leads with $1.9 billion inflows, outpaces Avalanche and Unichain in DeFi liquidity race