We investigate the power spectrum of velocity fluctuations in the universe, $V^2(k)$, starting from four different measures of velocity: (1) the power spectrum of velocity fluctuations from peculiar velocities of galaxies; (2) the rms peculiar velocity of galaxy clusters; (3) the power spectrum of velocity fluctuations from the power spectrum of density fluctuations in the galaxy distribution; (4) and the bulk velocity from peculiar velocities of galaxies. We show that measures (1) and (2) are not consistent with each other and either the power spectrum from peculiar velocities of galaxies is overestimated or the rms cluster peculiar velocity is underestimated. The amplitude of velocity fluctuations derived from the galaxy distribution (measure 3) depends on the parameter $beta$. We estimate the parameter $beta$ on the basis of measures (2) and (4). The power spectrum of velocity fluctuations from the galaxy distribution in the Stromlo-APM redshift survey is consistent with the observed rms cluster velocity and with the observed large-scale bulk flow when the parameter $beta$ is in the range 0.4-0.5. In this case the value of the function $V(k)$ at wavelength $lambda=120h^{-1}$Mpc is $sim 350$ km s$^{-1}$ and the rms amplitude of the bulk flow at the radius $r=60h^{-1}$ Mpc is $sim 340$ km s$^{-1}$. The velocity dispersion of galaxy systems originates mostly from the large-scale velocity fluctuations with wavelengths $lambda >100h^{-1}$ Mpc.