We document systematic differences in bitcoin prices across 11 different markets representing 26\% of global bitcoin trade volume. These differences must --- due to the identical nature of all bitcoin--- result from characteristics of markets themselves. We examine differences across the markets...

We document significant differences in Bitcoin prices across 11 different markets representing 26% of global Bitcoin trade volume. These differences must — due to the identical nature of all bitcoin — result from characteristics of markets themselves. We examine differences across the...

We document systematic differences in bitcoin prices across 11 different markets representing 26% of global bitcoin trade volume. These differences must — due to the identical nature of all bitcoin — result from characteristics of markets themselves. We examine differences across the markets...