Proceedings of The 3rd International Conference on Applied Research in Management, Economics and Accounting
Is Bitcoin Trading Globally Efficient? A Daily Analysis between Three Exchanges in the Period 2017 To 2019
Denis Forte, Eli Hadad Junior,and João Valente Filho
Cryptocurrencies are traded worldwide simultaneously in several world markets. This allows to compare in real time the prices traded and the implied volatility in different locations. The main contribution of this article seeks to address market studies between the encrypted digital market and the analysis of the Bitcoin time series, in the light of the Market Efficiency and Behavioral Finance Hypothesis. This research also helps to answer whether the bitcoin market has a long-term balance between bitcoin and the different quotes in its local currencies. Based on economic statistics tools, using data collected from exchanges in Brazil, United States and Europe. You can see that HEM is also present in the cryptocurrency market. You can see that this theory integrates with Financial Finance, since financial market studies and theories exist before disruptive converged crypto market surgeries suitable for behavioral finance studies.
Keywords: Bitcoin; Behavioral Finance; Eficient Market Hipotesis.