We study the efficiency of cryptocurrencies by measuring the price's reaction time to unexpected relevant information … cryptocurrencies we find delays to be highly correlated with liquidity …

, while the mining reward has a significant impact. This highlights the vulnerability of smaller and emerging cryptocurrencies …, as well as of established cryptocurrencies transitioning to a fee-based mining reward scheme …

cryptocurrencies. We take Bitcoin, Ethereum, Litecoin and Ripple as the four most popular cryptocurrencies in the market and analyse … Bitcoin and Litecoin behave as a currency subject to inflation showing a causal relationship from returns to volatility [and …

Several countries have already introduced restrictions on trading of cryptocurrencies, and many more are evaluating … recent regulatory change by the Chinese authorities that severely restricted bitcoin trading. This paper shows how changes in … spillovers. Specifically, we observe a large increase in trading volume and relative bitcoin prices in exchange for Korean won …

Bitcoin is an open source peer-to-peer electronic money and payment system. It is traded at several exchanges and high …-frequency trade data are publicly available. We study the contributions of Bitcoin exchanges to price discovery. Our results show that …

controlling for Bitcoin's return and sentiment-related factors. The two aggregate blockchain characteristics are procyclical asset … cryptocurrencies …

We start by documenting large differences in bitcoin prices across exchanges located in different countries, or for …

Bitcoin is regularly referred to as new gold, digital gold or gold 2.0. If Bitcoin is indeed gold-like the correlation … of Bitcoin and gold returns should be positive. We estimate the correlation of the two assets across time, across … buy Bitcoin, and a catching up effect, investors buy Bitcoin to catch up with the market weight of gold …