Search results for "Bitcoin"
showing 10 items of 41 documents
On the stability of stablecoins
2021
This paper investigates the volatility processes of stablecoins and their potential stochastic interdependencies with Bitcoin volatility. We employ a novel approach to choose the optimal combination for the power law exponent and the minimum value for the volatilities bending the power law. Our results indicate that Bitcoin volatility is well-behaved in a statistical sense with a finite theoretical variance. Surprisingly, the volatilities of stablecoins are statistically unstable and contemporaneously respond to Bitcoin volatility. Also, whereas the volatilities of stablecoins are not Granger-causal for Bitcoin volatility, lagged Bitcoin volatility exhibits Granger-causal effects on the vol…
Bitcoin and stock market indices: analysis of volatility’s clusters during the bitcoin bubble based on the dynamic conditional correlation model
2019
The market of virtual currencies, called cryptocurrency, has grown immensely since 2008 in terms of market capitalisation and the numbers of new currencies. Bitcoin is one of the most famous cryptocurrency with an estimated market capitalisation of nearly $ 69 billion. The fact that Bitcoin prices have fallen about 70% from their peak value and most indices were down double-digit year to date (2018) with a high daily volatility create the appearance that there has to be a correlation. The purpose of this paper is to investigate the contagion effect between Bitcoin prices and the leading American, European and Asian equity markets using the dynamic conditional correlation (DCC) model propose…
Du monnayage au crypto-monnayage
2020
Minting Techniques in Currencies and Cryptocurrencies. Over the past ten years, the creation of bitcoin and other cryptocurrencies has renewed the debate on the nature of money. This paper discusses the comparison between cryptocurrencies and coins : after describing their ideological and technical foundations, we explain the reasons why the reference to metals is often invoked. We then detail the techniques of minting, the processes of marking, and the question of seigniorage.
Kriptovalūtas un to regulējums Eiropas Savienībā
2019
Līdz ar kriptovalūtas straujo attīstību pasaule un to šobrīdejo popolaritāti Eiropā, tās nelikumīgo izmantošanu, pieeaug kriptovalūtas negatīvā slava un Eiropas Savienības valstu negatīvā nostāja pret šādu, mums nepieņemamu, valūtas veidu, aizvien biežāk tiek sabiedrībā apspriests jautājums vai šādai valūtai nebūtu pienācis īstais laiks iegūt regulējumu, kas pēdējā gada laikā ir aktīvi apspriests arī no Eiropas Savienības valstu puses. Neskatoties uz to, ka jau kādu laiku šī valūta ir pastāvējusi, izpratne par to un kam tā ir radīta, ir ļoti maza. Eiropas Savienībai ir izstrādāts regulējums, kurš min kriptovalūtas, taču tas īsti tās neregulē. Tieši šī iemesla dēļ darba nosaukums ir “Kriptov…
Finanšu burbuļu izveide kriptoaktīvu tirgū
2022
Bakalaura darbā tiek aplūkots Bitcoin kriptovalūtas kapitalizācijas pamatojums, kā arī analizēts tās kriptovalūtas cenas straujais kāpums laika posmā no 2013.g. līdz 2022.g. Mērķis ir pārliecināties, par finanšu burbuļa pastāvēšanas iespējamību Bitcoin kriptovalūtas tirgū. Aplūkojot tirgus statistiskos datus, kā arī veicot Bitcoin kriptovalūtas pielietošanas un izmantošanas analīzi, to savstarpējo salīdzinājumu ar citām valūtām, darbā tiek uzrādītas Bitcoin kriptovalūtas nepilnības. Turklāt, Bitcoin kriptovalūtas tirgus cenas izpētei darbā tiek izmantota DFA (angl. detrended fluctuation analysis) matemātiskā metode, pēc kuras tika konstatēta Bitcoin tirgus cenas homogenitāte, kas liecina pa…
Semi-strong efficiency of Bitcoin
2018
Abstract This research examines the semi-strong efficiency of Bitcoin in the Bitstamp and Mt.Gox markets, showing how the digital currency responds to monetary policy and Bitcoin events. On the one hand, we observe that Bitcoin has become more efficient over time in relation to its own events. On the other hand, Bitcoin is not affected by monetary policy news, highlighting the absence of any kind of control on Bitcoin. These findings are relevant for investors and policymakers since Bitcoin is a financial asset without any connection to the measures of central banks.
Note esplorative in tema di dissesto delle piattaforme di scambio e deposito di criptovalute
2021
Il lavoro si occupa dei dissesti delle piattaforme digitali di scambio e deposito di criptovalute (crypto-exchanges) e tenta di individuare, nell'ordinamento italiano, le norme applicabili.
Cryptocurrencies, Cybersecurity and Bankruptcy Law: How Global Issues Are Globalizing National Remedies
2020
The market for cryptocurrencies is interspersed with cases of loss, theft and fraud and a new transnational practice in bankruptcy law is emerging whereby cryptocurrency exchanges compensate the injured users on a collective basis. This paper will argue: first, that this trend has transplanted into Asia and Europe the US idea according to which bankruptcy law can be employed to avoid mass litigation; secondly, that this trend has transcended the debate about the characterization of digital assets, including the concerns of those scholars who maintain that digital coins cannot be objects of property; and thirdly that – since this practice follows the pattern of so-called restorative justice …
Statistical Analysis of the (In)efficiency of Bitcoin : A comparison of the weak form efficient market hypothesis in the US and Venezuela
2019
Master's thesis Business Administration BE501 - University of Agder 2019 Bitcoin is a phenomenon that has received a lot of attentionduringthe last years. Although the literature on the subject has expanded, there is still need for more research. This paper replicates the work of Urquhart (2016) and examines whether there isevidence ofweak form efficiency in the Bitcoin market. He found that the Bitcoin market in the US showed signs of moving towards weak form efficiency. We contribute to the existing literature by adding recentdata and comparing two different markets;the USand Venezuela. To obtain robustness of the results, the analysis is conducted by performing six different statistical …
Has the Introduction of Bitcoin Futures on Regulated Exchanges Decreased Price Volatility?
2019
Master's thesis Business Administration BE501 - University of Agder 2019 Bitcoin is a tremendously debated phenomenon in the world of finance and in recent the scientific literature on the topic has expanded. In this thesis,the bitcoin to US dollar exchange rate is examined through various conditional variance models to describe its highly volatile nature. We examine whether the introduction of bitcoin futurescontractsin late 2017 has had a decreasing impact on price volatility by estimatingthe unconditional variance. The log-return of the bitcoin exchange rate is analysed,and there is evidence of volatility clustering and time-varying volatility. Consequently, the variance is modelled thro…