We provide a summarized description of cryptocurrencies and their relationship with other fiat currencies globally. We discuss whether the popularity of cryptocurrency is more akin to Tulip-mania or the digital currency for future generations

Order flow toxicity is a measure of a trader's exposure to the risk that counter-parties possess private information or other informational advantages. High levels of order flow toxicity can culminate in market makers providing liquidity at a loss or in suboptimal execution of trades. From a...