A sample of 1,587 stablecoin transfers of one million dollars or more is analyzed to find out how they affect Bitcoin returns and trading volume. We find effects on trading volume and returns in the hours around transfers. The findings illustrate the feedback effects between cryptocurrency markets and stablecoin usage.
Public blockchains like Bitcoin and Ethereum continue to have an exaggerated influence on the overall perception of blockchain technology. As a consequence, trustlessness is often presented as the central characteristic of blockchain: It is claimed that blockchain designers must assume that users do not trust each other and that there is no trusted third party.
We study an unintended alternative to peer-to-peer propagation: Exclusive mining. Exclusive mining is a type of collusion between a transaction initiator and a single miner (or mining pool). The initiator sends transactions through a private channel directly to the miner instead of propagating them through the peer-to-peer network.
This paper presents a corresponding framework for analyzing and designing blockchain systems in the supply chain sector. It outlines the benefits of blockchain technology, provides guidance on deriving requirements from the use case, and distills critical implementation features.
We analyze the influence of stablecoin issuances on the returns of major cryptocurrencies across 565 issuance events of $1 million or more for seven different stablecoins on four different blockchains between April 2019 and March 2020.
The underlying transparency of the Bitcoin blockchain allows transactions in the network to be tracked in near real-time. When someone transfers a large number of Bitcoins, the market receives this information and traders can adjust their expectations based on the new information.
Smart contracts are decentrally anchored scripts on blockchains or similar infrastructures that allow the transparent execution of predefined processes. Using smart contracts, assets like money become programmable, which...
Cryptocurrency markets are often deemed inefficient. This paper explores how the market reacts to a specific form of public information: large Bitcoin transactions. The event study examines the price effects of 2,132 transactions involving at least 500 Bitcoins...
This paper examines how initial coin offering (ICO) characteristics affect cross-listing returns, i.e. whether or not the available information is a valuable signal of quality. For this purpose, we analyze 250 cross-listings of 135 different tokens issued via ICOs and calculate abnormal returns for specific samples using event study methodology.
This paper provides an in-depth analysis of all OP Return transactions published on Bitcoin between September 14, 2018, and December 31, 2019. The 32.4 million OP Return transactions (22% of all Bitcoin transactions) published during...
This study analyzes 250 exchange cross-listings of 135 different tokens issued through ICOs on 22 cryptocurrency exchanges...
At the example of the regulatory framework for online gambling in Germany, this paper conceptualises and discusses how a dedicated blockchain system can be employed to separate monetary streams ...
The aim of this study is to identify the basic research foundations of blockchain and cryptocurrencies in business and economics using bibliometric...
This study explores 327 exchange listings of 180 cryptocurrencies on 22 different cryptocurrency exchanges and examines the resulting price effects...
For most purposes of technical analysis, valuation metrics and many other relevant financial methods, the price of the last transaction is considered representative of...
Startups and small and medium-sized enterprises (SMEs) account for a significant share of the economy but are often constrained in their growth potential, as they have difficulty accessing capital markets...
This study explores the determinants of initial coin offering (ICO) success, where success is defined as the amount of capital a project could raise. ICOs are...
Blockchain technology and cryptocurrencies are innovative technologies that facilitate trust in distrusted systems. The technological ecosystem...
The current system of securities clearing and settlement is dysfunctional, slow, prone to fraud, and expensive to operate. An alternative system based on distributed ledger technology...
