How do Stablecoin Issuances affect Cryptocurrency Markets?

Stablecoins are digital currencies whose value is pegged to fiat currencies like the dollar. We analyze the influence of stablecoin issuances on the returns of major cryptocurrencies and conclude that stablecoins contribute to price discovery and market efficiency of cryptocurrencies.

Investigating the Market Reaction to Large Transactions on the Bitcoin Blockchain

A specific feature of the blockchain technology and thus also of the Bitcoin network is the underlying transparency. Each network participant can observe in virtually real time how many and what kind of transactions take place in the Bitcoin...

Discovering market prices: Which price formation model best predicts the next trade?

For most purposes of technical analysis, the price of the last transaction is considered representative of the market price. However, on closer examination, the question arises as to why a past event should be relevant to the future, and why other, potentially more recent information should not be used to discover a future price.