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The introduction of futures on Bitcoin eases the access of institutional investors to the market and offers an efficient way to short the cryptocurrency. We investigate the effect of this… Click to show full abstract
The introduction of futures on Bitcoin eases the access of institutional investors to the market and offers an efficient way to short the cryptocurrency. We investigate the effect of this event on the market’s price efficiency and find the Bitcoin market to turn efficient. We conduct commonly used tests for market efficiency and check the robustness of our results by investigating Bitcoin Cash, a hard fork of Bitcoin, where we do not find a change in market’s efficiency.
Keywords:
bitcoin;
futures improve;
introduction futures;
efficiency;
market
Journal Title: Finance Research Letters
Year Published: 2019
Link to full text (if available)
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Journal Title: Finance Research Letters
Year Published: 2019
Link to full text (if available)
Share on Social Media: Sign Up to like & get
recommendations!