A Study of Trading Behavior in Cryptocurrency Markets

• Main Authors: Hsin-PingWang, 王馨平
• Other Authors: Li-Kai Liao
• Format: Others
• Language: en_US
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/r6ub9d

碩士 === 國立成功大學 === 會計學系 === 106 === This study discusses investors’ behavior and compares several characteristics of cryptocurrencies markets to general equity markets. The findings show that (1) cryptocurrency returns are significantly related to Internet era. The searching volume of Google search engine presents a stronger influence than Baidu. (2) Legalization of cryptocurrencies has significantly positive impact on the trading volume of cryptocurrencies. (3) Cryptocurrency investors would do less investing during weekends. (4) Bitcoin investors will do more investments in holidays. (4) Volatility clustering phenomenon exists in both cryptocurrencies markets and general equity markets, but the asymmetric effect of volatility does not exist in cryptocurrency markets, which represents that the influence of good news and bad news for cryptocurrencies markets are identical.